By the Associated Press:
The Dow Jones Industrial Average has tumbled nearly 1,200 points, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy.
Thursday’s session was the market’s worst one-day drop since 2011. The S&P 500 has now plunged 12% from the all-time high it set just a week ago. That puts the index in what market watchers call a “correction.”
The index is headed for its worst week since October 2008, during the global financial crisis. Bond prices soared again as investors sought safe places to park money.
Capitol Hill negotiations on emergency spending to combat the coronavirus are likely to produce a bill that’s double or even triple the $2.5 billion plan requested by President Donald Trump. That’s according to lawmakers and aides involved in the talks.
They say the negotiations are proceeding well and are likely to produce legislation in the $6 billion to $8 billion range.
Both the Democratic-controlled House and GOP-held Senate are eager to complete work on the funding in the next two weeks. Trump has said he’ll accept funding well above his $2.5 billion request.