On Thursday, the 7th of March 2019, the Wall St, had been experiencing a heavy ramming, posting a plunge for the fourth straight sessions, largely drowned by financial, alongside technology stocks, as investors remained startled over ECB’s policy shift to debt-pumping strategy, as an attempt to stimulate a staggered eurozone economy, just a notch shy of recession.
Apart from the fiscal injection, the ECB had also delayed its first post-crisis era rate hike, saying that the next hike could come more than a year later, adding a cocktail of concussions over the trade worries, global growth risks and Brexit uncertainties, which had been hemorrhaging money over the past eight months.
Following the release of ECB fiscal policy, the Euro was sinking to a one and a half year low to $1.1175, while besides the mid-Atlantic markets, interest rate sensitive financial sectors drooled 1.21 percent so far, and all large US lenders including JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Bank of America Corp.
all had shed between 1.2 to 1.6 percent. While this report was being prepared, March 7th, GMT. 22.00, during the late US trading sessions, the all three key indexes of Wall St. had drowned again deep in the reds, as S&P 500 posted a plunge of 0.81 percent to 2,748.93 and Dow dwindled 0.78 percent to 25,473.23.
Alongside, Nasdaq had digested the heaviest punch, down by 1.13 percent to 7,421.46, as its Japanese Chipmaking peers had again botched to score gains, thereby defusing the losses.