Stocks took another major hit Thursday but clawed back some losses in crazy trading as a big investment bank predicted profit growth would be all but wiped out this year by the coronavirus and a re…
Jones Industrial Average is down 235 points in early afternoon, well off its lows for the day. It crashed by 900 points in early trade, igniting a panic. The roller coaster comes after a massive point loss Monday and Tuesday – followed by an attempt at a rally on Wednesday – as the virus began to spread internationally in Italy and Europe, South Korea and Iran and one case in Brazil.
More than 80,000 people have been infected in over 40 countries with more than 2,800 deaths – most in China’s Hubei Province. On Wednesday, the U.S. reported its first infection in someone, in rural California, who had not traveled abroad or come in contact with anyone who did. U.S. health officials called a spread of the virus in the U.S. inevitable.
At a press conference Wednesday, President Trump contradicted that, saying did he not think a spread was inevitable. He blamed the’s woes on the media for being alarmist and on the Democratic pool of candidates at the previous night’s debate for spooking investors. On a bright note Thursday, Starbucks announced it has reopened most of its China stores as the rate of new infections there seems to be slowing.
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