Highlight of the Week
Stocks plunge in Dow’s worst day since 2008
- Free fall in oil price war and growing fears about Coronavirus pushed stocks closer to a bear market as the Dow fell more than 7 %.
- Tech’s big five lost over $320 billion of value including Apple plunging 7.9%.
- New Jersey has declared a state of emergency as cases surge in the tri-state area.
- Italy has extended its quarantine to the entire country.
- As of 7:00pm Monday, Johns Hopkins University has reported: 113,000 global cases, 3,996 global deaths, 607 US cases, and 22 US deaths
Federal Reserve ponders crisis-style response playbook
- The Fed may consider returning to near-zero interest rates that prevailed from 2008 to 2015 to combat market pressures.
- Last week, the central bank delivered an emergency, half-percentage-point rate cut to its benchmark federal funds rate – to a range of 1% to 1.25%.
- The New York Fed said it would boost the amount of short-term lending it conducts on a daily and biweekly basis to satisfy rising demand from financial institutions and avoid further strains as US banks prepare for greater disruptions.
Indian Wells cancellation may mark turning point for sports and Coronavirus
The so-called “fifth-tennis major” canceled on the eve of its start Monday in response to the public health emergency – becoming the biggest event to cancel.