U.S. Stock Market Plummets Again As Coronavirus Outbreak Spreads

The United States stock market dropped Wednesday again.

The Dow Jones Industrial Averages futures are down more than 900 points, which is approximately 4%, as the stock market deals with the coronavirus pandemic.

President Trump, on Wednesday, revealed via Twitter that the U.S. border with Canada would be closed temporarily, but “trade will not be affected.” Trump’s actions are the latest of a series of border shutdowns, mandates, and advisories around the world to combat the Coronavirus.

The stock market has been volatile for weeks. ON Tuesday, the Down rose 1,049 points or 5.2% after the Trump administration revealed plans for a $1 Trillion stimulus package and the Federal Reserve announced a new loan program to help boost the economy.

It is essential to note the Dow has fallen more than 30% from its record high on February 12. The S&P 500 index fell 4% on Wednesday, and European stock markets were down 4%.

Oil prices dropped 10% to $24 per barrel. As of 2020, oil prices have dropped 60% as the world is struggling to find a new normal with the Coronavirus outbreak while Saudi Arabia and Russia engage in a price war.

According to a new NPR/PBS NewsHour/ Marist poll, nearly 1 in 5 households are experiencing a layoff or a cut in work hours. As Project Casting reports, AMC movie theaters are closing their doors for the next 6 to 12 weeks. Meanwhile, new policies are forcing businesses to shut down or change their business model.

In related business news, on Tuesday, President Donald Trump called on Congress to quickly approve a sweeping economic stimulus package. The package would send checks directly to Americans within weeks as large parts of today’s economy is shut down due to the coronavirus outbreak.

“We want to go big,” Donald Trump said at a news conference at the White House. Donald Trump said he instructed Steven Mnuchin, U.S. Treasury Secretary, to introduce measures, which would provide more immediate support.