In an attempt to diminish the panic being caused by the coronavirus, and help avoid the economic fallout as a result of the panic, President Trump is proposing a payroll tax cut and relief for hourly workers to Congress.
“We have a very strong economy,” Trump told reporters. “But this has blindsided the world.”
With that proposal on Monday, stocks have already started to turn around and the DOW jumped a whopping 830 points on Tuesday morning!
Daily Mail reports:
The Dow Jones Industrial average was up 832 points at the opening bell, or 3.5 percent, partially making up losses after a 7 percent plunge a day earlier.
The Dow tumbled as much as 2,000 points on Monday, the index's largest ever single-day point drop. In addition to the outbreak, Wall Street was weighed down by a crash in oil prices following a price war between Saudi Arabia and Russia.
In order to avoid a recession, economists have strongly warned that there must be action taken in order to stimulate the economy and fend off job loss.
Oil also recouped some losses from its biggest one-day decline since the Gulf War in 1991, supported by expectations for a settlement to the price war and potential U.S. output cuts.
Oil majors Exxon Mobil Corp and Chevron Corp climbed more than 7 percent in premarket trading, while Occidental Petroleum Corp, Apache Corp and Marathon Oil Corp jumped between 20 percent and 29 percent.
European indexes, many of which suffered their biggest one-day drop since the 2008 global crisis on Monday and fell into a bear market, were up by more than 3 percent. China's main stock index closed 1.8 percent higher and Tokyo rose 0.9 percent.
Sounds like the president's plan to soften the blow to our economy and help lessen the panic and frenzy is already beginning to work. There is really no reason to panic folks! Buy your groceries like normal and don't empty the shelves. Wash your hands. We will get through this!
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