Stocks plummeted once again yesterday after President Trump and the Federal Reserve failed to quell concerns over the possible economic slowdown, leading to historic moves in U.S. markets. US Stocks had their worst one day drop since the 1987 Black Monday Crash.
The Federal Reserve said it would inject more than $1.5 trillion of temporary liquidity into the financial system and add purchases of Treasury notes and bonds to increase its balance sheet. The moves were an effort to alleviate what the New York Fed called “highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak.”
The number of Americans who applied for unemployment benefits in early March fell slightly and remained near a 50-year low, indicating the coronavirus has not caused an influx of layoffs so far. New jobless claims are being watched closely for early signs of damage to the economy from the coronavirus. They are likely to rise soon if falling sales force companies to lay off more workers.
A sliver of good news goes to Oracle who shares rose as much as 4%, as the company reported fiscal third-quarter earnings that were better than analysts had expected.
With Northwest Quadrant Wealth Management, I’m Tyler Simones