CNBC's Julianna Tatelbaum argues why it's time that stock markets were shut for two weeks to allow the business community to adjust to the new reality brought on by the coronavirus.
Traders work before the closing bell at the New York Stock Exchange on Aug. 14, 2019 in New York City.Last week was marked by a series of trading halts as stock markets swung from "limit down" to "limit up," and the Dow Jones Industrial Average posted its worst single-day loss since Black Monday in 1987. Uncertainty abounds, but one thing is for sure - no one knows what is going to happen next.
So far, things are going smoothly. Jim Casey, co-head of global investment banking at J.P. Morgan, told CNBC that clients cannot even detect the difference between sales people and traders who are working from the bank's headquarters versus their back-up sites. At the macro level, Federal Reserve Chair Jerome Powell ditched quarterly forecasts, remarking in an emergency press conference Sunday night that, "actually writing down a forecast in that circumstance didn't seem to be useful and in fact could have been more of an obstacle to clear communications than a help."
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