U.S. stock futures tumbled Thursday, on the heels of President Donald Trump’s address to the nation, and following another steep selloff on Wall Street that snapped a more-than-decade-long bull market for the Dow.
Earlier, the Dow DJIA, -5.85% plunged 1,464.94 points, or 5.9%, to close at 23,553.22, marking a bear market, widely defined as a drop of at least 20% from a recent record intraday peak. That ended the blue-chip gauge’s 11-year bull-market run.The S&P 500 SPX, -4.88% fell 140.85 points, or 4.9%, to close at 2,741.38. The Nasdaq Composite COMP, -4.70% tumbled 392.20 points, or 4.7%, to end at 7,952.05.
The president also said the Small Business Administration will make emergency low-interest loans available to affected businesses, and said the government will defer tax payments for certain individuals and companies for three months.
What are analysts saying? “Travel restrictions equal slower global economic activity,” wrote Stephen Innes, chief global markets strategist at AxiTrader, in a note Wednesday night. “So if you need any more coaxing to sell sell sell sell after a massively negative signal from overnight trading in U.S. markets it just fell in your lap.”
Source: Holiday News (holidaynews.net)
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