U.S. President Donald Trump speaks with members of the media after signing the Congressional funding bill for coronavirus response at the White House in Washington, U.S., March 6, 2020. REUTERS/Carlos Barria
The Dow dropped another 2000+ points on Thursday and had it’s biggest one day plunge since the 1987 stock market crash.
Stocks plummeted once again on Thursday after President Donald Trump and the Federal Reserve both failed to quell concerns over the economic slowdown stemming from the coronavirus, leading to a historic drop for the U.S. markets.
The Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%, at 21,200.62. The index had its worst drop since the 1987 Black Monday market crash when it collapsed by more than 22%. The S&P 500 plummeted 9.5% to 2,480.64, joining the Dow in a bear market. The S&P 500 also had its worst day since 1987. The Nasdaq Composite closed 9.4% lower at 7,201.80.
Trump demanded action from the Federal Reserve. The Fed acted, and it did nothing to stop the drop.
Earlier in the day, Trump promised that the markets would be fine but instead of recovery, the Dow plunged and continued a coronavirus sell-off that shows no sign of ending any time soon.
The market is cratering because Wall Street has zero confidence in Trump to lead the nation through the pandemic. The Trump slump has become a potential full-on recession. The problem isn’t economic. It is that the White House and president have bungled every element of the coronavirus response.
Words and tax cuts aren’t going to cut it.
Only sound leadership and public health policies, two things Trump seems completely incapable of, will bring the market back.
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