- The stock market cratered on coronavirus fears.
- Donald Trump took to Twitter to try to calm investors’ nerves.
- Analysts see more downside potential for the stock markets.
When they tell you not to panic, that’s when you run.
This line from the movie “2012” appears to be relevant these days as governments around the globe try to contain the coronavirus.
Currently, the coronavirus is rampaging through South Korea, Iran and Italy. These countries are raising health alert levels while enacting strict emergency measures. None of the countries hit by coronavirus is saying the epidemic is under control – except for the mighty United States.
Investors aren’t buying it.
Donald Trump: ‘The Coronavirus Is Very Much Under Control in the USA’
The United States has the eighth highest number of coronavirus cases at 53 with zero deaths. It trails Iran, which has 61 confirmed cases.
To give you a comparison, Iran is scrambling to shutter schools and spray disinfectants in subways to curb the spread of the virus. While officials may be playing down the total number of confirmed cases, they are not saying that the virus is “very much under control.”
That’s why it’s worrisome when a head of state uses a microblogging platform to calm investors. The president even went as far as to say that the
Stock market starting to look very good to me!
The Dow Jones printed its worst trading day in two years. For the S&P 500, Monday’s drop is the largest single-day decline since August. These deep plunges suggest investors do not believe coronavirus is “very much under control.”
Scouring through replies on Trump’s tweet, it appears that his followers are also not buying it. Filmmaker Andy…