UPDATES: Stocks slump, trigger circuit-breaker after Trump declares Europe travel restrictions
U.S. stocks tumbled by more than 7% Thursday morning, with Wall Street poised to extend its historically ugly sell-off, after President Donald Trump announced new plans intended to contain the human toll and economic impact of the worsening coronavirus outbreak that has whipsawed global markets.
However, the speech sparked widespread confusion — and failed to mollify panic-stricken investors. Major benchmarks sank deeper into correction territory at the open, triggering a circuit-breaker during the regular session shortly after 9:30 a.m. ET. “I'm disappointed with what we got,” Tchir added. And other market professionals were even more alarmed.
While some of these ideas have been met with resistance in the House, Eurasia Group’s Todd Marino wrote late Wednesday that “the snowballing impact of the coronavirus in coming weeks, combined with a White House push, will likely result in bipartisan alignment—rare in an election year—on [a] big-bang stimulus.” 10:30 a.m.
The move mirrors that of other U.S. shale producers earlier this week, which have been frantically updating their investment and dividend payout plans this week to cope with the stunning plunge in oil prices earlier this week. Peer energy giant Occidental Petroleum Corp. on Tuesday had slashed its own dividend by nearly 90%, and cut its capital spending plans by as much as 35% for the year.
"By taking this bold action of voluntarily pausing the operations of our ships, it is our intention to reassure our loyal guests, team members and global stakeholders of our commitment to the health, safety and well-being of all who sail with us, as well as those who do business with us, and the countries and communities we visit around the world," he added.8:30 a.m.
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