By Breitbart. Nearly all of the Trump stock market boom has now fallen victim to the coronavirus pandemic.
The Dow Jones Industrial Average dropped 1,338.46 points, around 6.3 percent, to 19,898.92. That is the first close below 20,000 since February 2017. The Dow was even lower earlier in the day, at one point falling to levels unseen since December 2016.
The S&P 500 fell 5.2 percent. The Nasdaq Composite dropped 4.7 percent. The small cap Russell 2000 was smashed with a 10.42 percent decline, highlighting just how devastating investors think the coronavirus and social distancing will be to smaller businesses. (Read more from “Stocks Hammered, Dow Drops to Lowest Since February 2017” HERE)
White House Expresses Support for Immediate Cash Payments to Americans as Part of Coronavirus Stimulus Package
By Washington Post. The Trump administration wants to send direct cash payments to Americans in the coming weeks to help them cope with the economic ravages of the coronavirus, Treasury Secretary Steven Mnuchin said Tuesday, part of a massive economic stimulus package taking shape between the White House and Capitol Hill.
The overall price tag of the package could be around $1 trillion, Mnuchin told reporters on Capitol Hill after meeting with GOP senators, making it one of the largest federal emergency fiscal packages ever assembled.
He also gave lawmakers a dire warning if they failed to act, saying the unemployment rate could spike to nearly 20 percent from the roughly 3.5 percent level it notched in February, according to three people familiar with his comments, who spoke on the condition of anonymity to reveal internal deliberations. (Read more from “White House Expresses Support for Immediate Cash Payments to Americans as Part of Coronavirus Stimulus Package” HERE)