Stock Market Faces ‘Worst Week Since 2008,’ As Coronavirus Spreads And Faith In Trump’s Approach Falters

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CNBC announced early Thursday morning that “U.S. stocks are on pace for their worst week since the 2008 financial crisis” with the Dow Jones Industrial Average down more than 900 points at the time.

At 11:10 am they announced that the S&P, Dow, and Nasdaq are all facing their worst week since 2008.

It’s been a tense week for the world financial markets, as the Dow has been plummeting for the past six days, following growing coronavirus concerns.

President Donald Trump addressed the outbreak during a live press conference on Wednesday in an attempt to tame the panic, but didn’t widely calm fears. He appointed Vice President Mike Pence in charge of the coronavirus response.

Trump also dismissed the CDC’s claims that coronavirus would inevitably spread in the United States, stating, “Well I don’t think it’s inevitable … Whatever happens, we’re totally prepared.”

His attempts to assuage coronavirus worries seemed to come up short, as the U.S. stock market continues to struggle.

Despite these plunges, European Central Bank president Christine Lagarde told the Financial Times that although the central bank was monitoring the coronavirus outbreak, it is still not at the stage that monetary policymakers need to interfere.

“It is clearly not an area where a central bank has actually an opinion. It is really for the health service and health experts to give us their take,” stated Lagarde.

As of writing, CNBC announced, “The Dow Jones Industrial Average continued to bounce back as the trading day progressed. The 30-stock benchmark fell more than 300 points, after being down more than 900 points earlier in the session.”