(STAFF REPORTS/Chewelah Independent)
Fear of second wave of coronavirus infections causing market drop…
With the ongoing COVID-19 pandemic with over two million confirmed cases and a US Federal Reserve outlook that is less than rosy, the Dow Jones dropped by more than 1,800 points on Thursday. That equals out to a drop of 7 percent of the market’s value. The S&P dropped by 3.9 percent and the Nasdaq dropped three percent, CNN Business reports.
Economists think that market is scared of a second wave of infections as cases begin to rise sharply in some starts after re-opening efforts have begin. Treasury Secretary Steven Mnuchin said that the US economy would not be shut again despite rising coronavirus cases. He also added that more than a trillion dollars would be pumped into the economy next month. More