U.S. equity markets ebbed and flowed on Tuesday after President Trump backed “very substantial relief” for the areas of the economy hardest hit by the new coronavirus outbreak.
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“We are going to take care of, and have been taking care of, the American public and the American economy,” Trump said at a White House press briefing on Monday evening where he floated a payroll tax cut, making sure those infected by COVID-19 don’t miss a paycheck and helping embattled industries, such as airlines and cruise operators. He promised more details this week on “very dramatic” economic initiatives.
The Dow Jones Industrial Average gave up a nearly 1,000 point gain earlier in the session. The S&P 500 and Nasdaq Composite also pulled back. However, the reversal was nothing near Monday’s slide of more than 7 percent which was the steepest for stocks since the 2008 financial crisis, while oil’s plunge of more than 24 percent was the largest since the outbreak of the 1991 Persian Gulf War.
READ: www.foxbusiness.com/markets/us-markets-march-10-2020
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