The Dow Jones industrial average dipped as low as 19,716 on Wednesday, erasing all gains made since President Donald Trump’s inauguration.
The coronavirus pandemic has sent the Dow careening as much as 9,835 points in five weeks, down 33.28% from its all-time high of 29,551 set on Feb. 12.
The Dow closed at 19,732 on Trump’s inauguration day Jan. 20, 2019.
The Dow is now negative under Trump pic.twitter.com/ovwwslygbe
— Steve Kopack (@SteveKopack) March 18, 2020
The index rebounded over 1,000 points, or 5%, on Tuesday following the Federal Reserve’s announcement that it will launch a special fund to purchase commercial paper, or short-term loans leveraged by businesses to keep afloat and the White House’s call for an injection of $1 trillion into the economy.
However, stock futures hit their “limit down” Tuesday evening after the rebound and at market open on Wednesday plunged 1,300 points. (RELATED: ‘It’s Not Important Compared To Life And Death’: Trump Puts Stock Market Drop In Perspective Amid Coronavirus)
Market volatility is expected to continue as the coronavirus pandemic continues, Michael Farr, the president of the investment management firm Farr, Miller & Washington, told The Washington Post.
“The volatility shows the desperation on Wall Street to find fair value,” Farr said. “Each news release and statistic is greeted with 1,000-point swings.”
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