Stocks close at 3-year low in worst week since 2008; Trump era gains obliterated
By: Emily McCormick and Javier E. David
As a famous yogi once said:
Prediction is difficult, especially about the future.
So at this point its impossible to know for sure what Trump's record on the economy will be. But wouldn't it be ironic if at the end of Trump's first (only?) term in office the economy had done worse than it had done during Obama's first term?
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Data as of 3/20/20 Stocks on Friday plunged to a three-year low, closing out their worst week since the 2008 financial crisis and obliterating all of the gains made since President Donald Trump was inaugurated, as investors weighed the escalating coronavirus outbreak against vast stimulus measures designed to mitigate the crisis.
Risk assets dropped even as the Trump administration unveiled a laundry list of new relief measures — including a three-month delay to the April 15 tax deadline and temporary pause on federal student loan payments — meant to backstop consumers. The Federal Reserve also stepped in with more relief, broadening out the types of assets included in its purchase program and expanding its dollar liquidity operations with other major central banks.
However, the virus’ rapid spread had led to social distancing policies that have all but brought America’s public life to a grinding halt. Amid mass closures of private businesses, soaring layoffs and school shutdowns, economists all but expect the global economy — and the world’s largest — to plunge into a deep recession in the coming quarters.
New York Governor Andrew Cuomo said Friday that 100% of New York’s workforce must remain at home, aside from those at essential businesses, in an effort to slow the spread of the coronavirus in the state.