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Dow Plunges 10% With Stimulus Details Uncertain: Markets Wrap

March 18, 2020 / Investing.Com

Financial markets spasmed, sending U.S. stocks down to December 2018 levels and Bloomberg’s dollar index to a record, as the economic fallout from the pandemic outpaced the massive response from governments and central banks. The S&P 500 fell more than 7%, triggering a 15-minute pause, with stocks adding to losses when trading resumed. The next halt would occur at a 13% decline. The Dow Jones Industrial Average wiped out all the gains logged since Donald Trump’s inauguration, dropping as much as 10%, with investors craving more government spending to offset the impact from the virus. Bonds tumbled around the world a day after Treasuries notched biggest yield jump since 1982, while municipal bonds extended the deepest rout since 1987 as markets braced for the potential flood of spending. Oil dropped to an 18-year low. The dollar strengthened a seventh straight day, while the pound hit its lowest level against the greenback since 1985.