Dow plunges 700 points as Wall Street braces for more coronavirus turmoil
Saudi Arabia on Wednesday announced its first oil production increase in a decade, with state oil giant Saudi Aramco moving to ramp up production to a record 13 million barrels per day, up from roughly 12 million barrels. The company did not give a timeline for the increase, but was responding to similar comments from Russia Tuesday.
Government officials and businesses are taking sweeping actions to curtail community spread through social distancing. The uncertainty sent investors flocking to safe-havens: gold was up 0.3 percent in early trading, and the yield on the 10-year U.S. Treasury note declined .1 percent. Bond yields drop as prices increase.
Officials in New York created a one-mile containment zone in New Rochelle, a suburb of New York City where the state’s outbreak has been concentrated. Schools, places of worship and other large gathering spots inside the area will be closed for two weeks, as National Guard troops help with disinfection and food delivery.
“A rate cut is unlikely to be enough on its own to stop the UK from experiencing a significant economic dent,” said Russ Mould, investment director at AJ Bell, in commentary Wednesday. “Low borrowing rates won’t necessarily get worried consumers spending again if they are cautious about going outdoors or are even forced to stay inside because of coronavirus-related issues.”
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Dow futures point to a loss of more than 400 points after Tuesday's surgeU.S. stock futures fell sharply on Tuesday night, pointing to another volatile session on Wall Street following a massive rally.
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Dow plummets 2,000 points, oil prices drop as global recession concerns mountU.S. stocks, bond yields and oil prices tumbled Monday, extending a global rout as fears intensified about the coronavirus outbreak.
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Dow futures fall 400 points while Asian markets slumpUS stock futures tumbled Tuesday evening, adding to volatility after another wild day of trading. The whiplash has been immense: Tuesday's rebound followed historic declines the day before. The Dow on Monday experienced its worst-ever one-day point drop.
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