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!
Trending Political News
Dairy Queen Enraged Every Democrat With Warning Sign To Liberals That Went Up Overnight!
Often times we see signs on businesses like No Guns Allowed or No Trump Hats on stores run by liberals.
However, one Dairy Queen in Wisconsin gives a warning to liberals that they may be offended once they enter the building.
Don Lemon of CNN Walks off the Set After Guest Calls Him Fake News – VIDEO
CNN has lost every bit of their reputation. They actually lost it long ago, even before President Trump took office.
They're not even willing to hear out someone else's opinion as we saw on CNN Tonight.
BAM! Obama's Homeland Security IG Indicted on Multiple Federal Charges
Things are starting to finally crumber around former President Obama and his administration.
For a time it seemed like they were the untouchables just doing whatever they wanted and getting away with it. But those days are over.
Bill Clinton Comes Clean About WHY He Had An Affair with Monica Lewinsky in New Documentary
A new documentary following Hillary Clinton was recently released on Hulu.
It's just titled "Hillary" and it seems that everyone is watching it. I don't know if they're hoping that she's going to fess up to something, but that's not the case.