Despite a range of economic measures for well over $1 trillion proposed Tuesday by the Trump administration, the Dow Jones futures had plunged in Wednesday’s pre-market session, along with S&P 500 futures and Nasdaq futures, hitting the “limit down” circuit breaker, dashing hopes raised by Tuesday’s 5.2% gain in the DJIA.
At opening, the index fell 6% or about 1,200 points as momentary optimism was crushed by the relentless march of the virus across the country and the world.
The number of infections doubled internationally over the last two weeks, continuing to fuel fears of a global recession. The death toll in the U.S. hit 114 with over 6,400 cases overnight as testing rolls out.. Last night, West Virginia became the 50th state to report cases.
In a surreal moment in Chicago, three technicians at Midway International Airport tested positive for the virus, shutting down the air traffic control tower and causing cancellations of scores of flights Wednesday morning.
While much stock talk revolves around Boeing and a rescue for the hard hit airlines, media stocks continue to be squeezed. Disney and ViacomCBS were down over 6%.
A Monday winners like Comcast was down 5%.
Netflix was down nearly 2%.
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