{UAH} US stocks in free fall

Folks;

The government should leave the stock market alone. Infusing $500B here and there is not the answer. The economy can absorb the shock occasioned by the travel restrictions. 

What the government owes to focus on is mitigating the spread of the Coronavirus. 

Moreover, the travel ban was half-baked, because it leaves loopholes for infected people to still come to country from outside of Euope.

There are daily flights into the US from these countries; Austraia, Hong Kong, Japan, Korea, Taiwan, United Arab Emirates, Saudi Arabia, Ethiopia, Egypt, South Africa, Kuwait, Qatar and Fiji.

Pojim

U.S. stocks tumbled by more than 7% Thursday before recovering some losses, with Wall Street poised to extend its historically ugly sell-off, after President Donald Trump announced new plans intended to contain the human toll and economic impact of the worsening coronavirus outbreak that has whipsawed global markets.

Amid heightened market turmoil, the New York Federal Reserve stepped in midday Thursday and announced a major asset purchase program, offering $500 billion in three-month repo operations, an additional $500 billion in one-month operations and another at least $220 billion in operations with durations of two weeks or fewer. The New York Fed also said its securities purchases would be along a range of maturities, to match the composition of the Treasury market.

The major infusion of liquidity comes as The World Health Organization officially designated the coronavirus outbreak a pandemic on Wednesday, as the virus spread across more than 100 countries and infected well over 100,000 individuals.

Growing alarm about the severity of the pathogen — and the economic toll — has sent markets into a tailspin. Weeks of panic-driven selling has dragged blue-chip stocks into bear market territory at a breathtaking pace, of less than a month from peak to trough.

In a televised address, Trump said he was planning to suspend travel from certain areas of Europe to the U.S. for the next 30 days. He also announced plans for $50 billion of low interest loans to affected businesses and suggested a delay in the April 15 tax filing deadline.

However, the speech sparked widespread confusion — and failed to mollify panic-stricken investors. Major benchmarks sank deeper into correction territory at the open, triggering a circuit-breaker during the regular session shortly after 9:30 a.m. ET.