At an impromptu news conference Monday, President Trump announced plans to cut payroll taxes, relieve hourly workers, and offer targeted help for the airline, cruise, and hotel industries. He said more details about the economic response would be released Tuesday.
“Markets are trying to force a policy response — from central banks and from Washington D.C. A basket of more aggressive monetary policy action is coming and how markets respond is the big question,” said David Bahnsen, chief investment officer of the Bahnsen Group, wrote in
Overseas markets also saw a bounce, with Japan’s Nikkei 225 closing up 0.85 percent and Hong Kong’s Hang Seng climbing 1.4 percent. European markets were surging more than 3 percent at midday, with the benchmark Stoxx 600 index getting a 3.6 percent lift.
Oil prices, which sank 25 percent to their lowest trading levels since the 1991 Gulf War Monday, bounced back too. Brent crude, the international oil benchmark, was up more than 8.5 percent to trade at a little more than $37 a barrel. Energy stocks which were pummeled amid Monday’s price war fears saw some recovery Tuesday in early trading. ExxonMobil was up more than 7 percent in premarket trading. Chevron was up 6 percent and Valero was up 2.75 percent.
The outbreak continues to spread at a rapid clip with more than 113,000 cases worldwide. The director of the World Health Organization called the threat of a