Dow Jones falls about 800 points upon opening

Dow Jones falls about 800 points upon opening

Dow Jones falls about 800 points upon opening

The S&P 500 racked up a 20% loss in the first quarter, its worst quarter since 2008.

S&P futures and several Asian stock indexes declined on Wednesday, with coronavirus-related concerns continuing to weigh on markets as a new quarter began.

The final test comes from the evolution of the coronavirus itself.

The Fed has promised to buy as many Treasuries as it takes to get lending markets working smoothly after trading got snarled in markets that help companies borrow short-term cash to make payroll, homebuyers get mortgages and local governments to build infrastructure.

Digital market boards at the Australian Stock Exchange (ASX) in Sydney, Tuesday, March 10, 2020.

Trump said earlier another $2 trillion stimulus package may be necessary to support the USA economy. "You combine that with the fact that the data coming in has been terrible".

The S&P 500 jumped almost 18% in just three days last week as Congress struck a deal on a $2.2-trillion rescue package for the economy and the Federal Reserve promised to buy as many Treasurys as it takes to get lending markets running smoothly.

The Dow Jones Industrials lost 14.8 points to 22,312.68.

"We're kind of on this little milestone journey with markets", said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co. "As we enter a rapid acceleration phase in the USA which brings enormous uncertainty, the bullish case for stock markets is a little weak and we could see the rally quickly run out of steam".

"Granted, this bear is like no other", he said. "Markets will need to reflect more traditional interactions before confidence in a bottom can be reached". Still, he said he and his team had bought some global stocks and even some junk bonds from American energy producers.

Banks bore the brunt of selling Wednesday on speculation the largest will be forced to cut dividends after European lenders including HSBC Holdings Plc and Standard Chartered Plc halted payouts and share buybacks.

Declining issues outnumbered advancing ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored decliners.

Economists expect a number of weak reports on the economy to come in through the week. Upcoming data is likely to confirm damage to the economy, but how much has been priced in by the market remained to be seen.

The country's confirmed cases topped 140,000 as of Sunday night, up some 20,000 from the previous day, according to Johns Hopkins University's Center for Systems Science and Engineering.

Trump and the physicians advising the federal pandemic response on Tuesday delivered a bleak outlook for the novel coronavirus's spread across the country, predicting a best-case scenario of 100,000 to 240,000 fatalities in the United States.

The White House projected the US could face 100,000 to 240,000 deaths from the coronavirus pandemic, as President Trump warned Americans on Tuesday to brace for an unprecedented crisis in the days ahead. More than 37,000 have died worldwide due to COVID-19, while more than 160,000 have recovered. The Dow fell more than 23% in the first quarter; that was also its biggest quarterly fall since 1987. Oil started the year above $60 and has plunged on expectations that a weakened economy will burn less fuel. That leads the world, which has more than 877,000.

CURRENCIES: The dollar cost 107.87 Japanese yen, up from 107.52 yen on Tuesday. The euro inched down to $1.1028 from $1.1094.

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