Global Stock Markets Lose $6 Trillion In Value, Dow on Worst Week Since 2008 Crisis

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The Dow plunged roughly 1,2000 points on Thursday, “the benchmark’s biggest one-day point drop ever,” according to CNBC. The drop came swiftly after California Gov. Gavin Newsom’s announcement that the state is “monitoring” at least 8,400 people for coronavirus.

Worries over a global coronavirus outbreak erupted this week, leading to the Dow’s loss of more than 3,200 points. The S&P, Dow, and Nasdaq are all facing their worst week since 2008.

At 6:30 am on Friday, CNBC reported that the Dow is down 11.1% this week, S&P 500 faces a 10.8% drop, and Nasdaq Composite is also down 10.6%.

The Dow didn’t fare much better on Friday. By 10 a.m. on Friday the Dow had fallen more than 1,030 points, marking a 4% plunge. The S&P 500 fell 3.9% at session lows.

Former Fed Governor Kevin Warsh compared the Fed’s ability to cut interest rates to having a knife during a global “gunfight” on CNBC’s Squawk Box Friday morning.

“I think it’s likely to be a gunfight out there. When I look at the world’s big central banks, not a lot of them have guns. Maybe the Fed has a bigger gun than everyone else, but the Fed probably has a knife,” Warsh stated.

Meanwhile, global stock markets have lost an estimated $6 trillion in value in six days this week, per CNBC.

Ignoring the tumultuous week for world financial markets, President Donald Trump took to Twitter early Friday morning to call out “Do Nothing Democrats” for blaming the virus on him.

Trump additionally praised himself for closing the border, attributing that to why coronavirus is spreading slowly in the U.S.

So, the Coronavirus, which started in China and spread to various countries throughout the world, but very slowly in the U.S. because President Trump closed our border, and ended flights, VERY EARLY, is now being blamed, by the Do Nothing Democrats, to be the fault of “Trump”.

— Donald J. Trump (@realDonaldTrump) February 28, 2020

Trump also addressed the outbreak during a live press conference on Wednesday, claiming, “Whatever happens, we’re totally prepared.”