On Wednesday, the 18th of March 2020, a slew of US stocks had extended their recent leg of losses as Wall St. sell-off had accelerated over frets that the financial fallouts of coronavirus pandemic could cripple US economic activity.
On top of that, the trade-sensitive Dow Jones Industrial Average, had shrugged off all of its gains scored during the terms of US President Donald Trump, while Nasdaq and S&P had flumped further in to the bearish territory.
As a matter of fact, following reveal of a media report that the US economy would highly likely to contract by nearly 13 per cent over the second quarter due to the financial repercussions of the coronavirus pandemic alongside a report by UK researchers that reflected a growing possibility of a third of US population being infected by the Covid-19, Wednesday’s (March 18th) sell-off accelerated in the Wall St..
Nevertheless, after Trump had signed off a $1 trillion financial aid package passed earlier in the US congress to limit the coronavirus-led financial casualties, Wall St. had pared some of its losses at later part of the day.
Meanwhile, referring to a growing disbelief among investors over Trump Administration’s ability to counter the pandemic, an investment strategist at Edward Jones, Nela Richardson said on Wednesday (March 18th), “The market’s really reacting to fear and uncertainty and we don’t think it’s over until it finds a floor on stock prices.
The floor will have to be found in containment of the viral spread and limiting the economic toll of the virus. ” Citing statistics, on Wednesday’s (March 18th) market round off, Dow dropped 6.3 per cent to 19,898.92 and S&P 500 shrugged off 5.18 per cent of its earlier gains to 2,398.1, while the tech-heavy Nasdaq composite slid as much as 4.7 per cent to wind down Wednesday’s (March 18th) market at 6,989.84.