The Dow closed at 19,898.92, marking a 3-year low and nearly wiping out all of the gains made during Trump’s presidency. At the same time, the number of cases of COVID-19 has crossed 200,000 worldwide.
The S&P 500 was also in free fall today and triggered a temporary halt to trading across all markets. At the end of the day, it was down by over 5%. And more bad news — oil demand is its lowest in nearly 20 years.
Many economists are predicting a 2020 recession. However, the Trump administration is constructing a fiscal stimulus package to combat the effects of coronavirus on the economy. The Senate has approved a bill that, if passed, will pay workers for sick leave and provide other benefits to those who become ill.
The Federal Reserve has slashed rates to near 0 and announced it will be relaunching its financial crisis-era Commercial Paper Funding Facility. These actions help US businesses get loans they will need to ride out the coronavirus shutdowns.