U.S. stocks declined, adding to last session's broad selloff, with the Dow opening below 20000 for the first time since 2017
By Caitlin Ostroff and Xie Yu Updated March 19, 2020 9:32 am ET U.S. stocks slipped on Thursday, deepening the market turmoil even as the Federal Reserve and European Central Bank introduced fresh measures to protect the global economy from the impact of the coronavirus pandemic.
“The financial system is just showing so many points of stress that it’s hard for any single measure to restore investor confidence,” said Altaf Kassam, head of investment strategy for State Street Global Advisors in Europe, the Middle East and Africa. “When you have whole economies or whole populations shut down, it is going to have a massive economic effect and no one knows how long that will go on for.
The ICE U.S. Dollar Index, which tracks the currency against a basket of others, climbed 1.1% to its highest level in over three years. European equities remained under pressure, even as Italian and Greek stocks rallied. German businesses became more gloomy about their prospects in March, with manufacturers experiencing the biggest loss of confidence in 70 years, according to a survey conducted by the Ifo economic think tank. Stocks in Germany dropped, helping push the pan-continental Stoxx Europe 600 gauge 0.5% lower.
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