Another “Black Monday”! Dow plunges 2997 points!
The global new coronavirus epidemic has not improved. Even though many countries have implemented stimulus measures, they have not been able to calm the market’s panic.
It is a “Black Monday” for the US stock market again, triggering the fourth market halt in history! The three major Wall Street indexes closed down sharply, of which the S & P 500 index fell about 12%, the biggest drop since “Black Monday” 30 years ago.
The gold price fell more than $120 from day-high to around $1451 level. But, there was strong buying support. Gold price bounced back sharply and recovered $1500 mark.
US President Trump said the United States could control outbreak of a new coronavirus as early as July or August. Trump also warned that the U.S. economy could be in recession due to the global pandemic. He urged Americans to suspend most of the social activities for 15 days and stop the group activities with more than 10 people. Other countries, such as Canada, Spain, and France, have also strengthened epidemic prevention measures to limit the movement of citizens. However, the reaction of investors were even more pessimistic after the news.