Wall Street's rally faded midday Tuesday, as sentiment waned that President Donald Trump would introduce a robust economic package in time to shore up the growing financial impact from the coronavirus.
Markets had rebounded at the opening bell on Tuesday, with the Dow Jones Industrial Average soaring by almost 900 points just one day after a historic rout that saw the blue-chip index drop by 2,013 points, the most ever.
Trump said Monday he will take "major" steps to ease concerns about the economy in light of the virus outbreak, adding that he would be meeting with congressional Republicans on Tuesday to discuss payroll tax cuts.
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“We’ll be discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s a big number,” Trump told reporters at a news briefing Monday afternoon.
However, White House officials were reportedly caught off guard by the president's comments, with one official telling CNBC the actual details remain up in the air. “It’s not there right now,” an official said of any economic plan. “A lot of details need to be worked out.”
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Global stock markets had an ugly start to the week, after an all-out price war between key oil producers Saudi Arabia and Russia added to heightened concerns connected to the economic impact of the rapidly spreading coronavirus outbreak.
Companies have canceled industry gatherings, banned nonessential travel, and asked employees to work from home where possible. Health officials have even urged older people to avoid cruise ships, lengthy trips and public events.
The White House has been consulting with industry groups on the kind of immediate relief that might be required. Executives from at least seven of Wall Street's major banks are set to meet with Trump at the White House on Wednesday afternoon to discuss the response to the epidemic.
Trump has continually downplayed the effects of the coronavirus — tweeting that a steep drop in oil prices is good for consumers, and blaming the news media for the plunging stocks.
“While we believe that a fiscal stimulus package will be produced, the timing and scope remain uncertain,” said Ed Mills, an analyst at Raymond James. “Some Republican leaders on the Hill signaled that they believe these actions to be premature and key Congressional Democrats arguing that there are more immediate priorities over tax cuts and plan to introduce their own package in coming days.”
https://news.google.com/__i/rss/rd/articles/CBMicWh0dHBzOi8vd3d3Lm5iY25ld3MuY29tL2J1c2luZXNzL21hcmtldHMvbWFya2V0cy1yZWJvdW5kLWRvdy1qdW1waW5nLW1vcmUtODAwLXBvaW50cy10cnVtcC1zdGltdWx1cy1wbGFuLW4xMTUzOTMx0gEsaHR0cHM6Ly93d3cubmJjbmV3cy5jb20vbmV3cy9hbXAvbmNuYTExNTM5MzE?oc=5
2020-03-10 14:38:41Z
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