Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession.
A few people walk on Wall Street in front of the New York Stock Exchange, Wednesday, March 18, 2020 in New York. Global stock markets have sunk in a third day of wild price swings after President Donald Trump promised to prop up the U.S. economy through the coronavirus outbreak.
Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge an increasing risk of a recession due to the coronavirus outbreak. The typical day this month has seen the stock market swing by 4.9%. Over the last decade, the typical move was just 0.4%. It was just a day ago that the S&P 500 surged 6% after President Donald Trump he’s “going big” in plans to aid an economy that’s increasingly shutting down by the day. The program could approach $1 trillion, and it would follow a spate of emergency actions by the Federal Reserve and other central banks to get financial markets running more smoothly.
“These are truly unprecedented events with no adequate historical example with which to precisely anchor our forecast,” Deutsche Bank economists wrote in a report Wednesday.
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