FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange. Global stock markets are sharply lower on deepening worries over damage from the coronavirus pandemic. Benchmarks fell in Paris, London and Frankfurt on Wednesday, April 1, 2020.
The S&P 500 dropped close to 3% in morning trading after President Donald Trump warned the country to brace for “the roughest two or three weeks we’ve ever had in our country.” The White House is projecting that 100,000 to 240,000 people in the U.S. could die from COVID-19. Long-term Treasury yields sank as investors moved into safer investments.
Businesses are shutting down, and people are staying at home in hopes of slowing the spread of the virus. It’s the economic equivalent of putting a patient in a medically induced coma, said Anwiti Bahuguna, head of multi asset strategy at Columbia Threadneedle Investments: “a calculated, temporary risk with the goal of establishing greater longer-term health.”
Another report showed that U.S. manufacturing activity contracted in March, reversing after two months of slight growth. The reading, though, was not as bad as economists expected. The S&P 500 jumped nearly 18% in just three days last week as Congress struck a deal on a $2.2 trillion rescue package for the economy and the Federal Reserve promised to buy as many Treasurys as it takes to get lending markets running smoothly.
Bush ruined the economy Obama fixed it Trump flushed it down the toilet.
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Maybe they could lower interest rates. So they pay me to take out a loan.
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