The U.S. stock market is braced for more pain on Wednesday. The Dow Jones Industrial Average (DJIA) plunged back into decline as lawmakers scrambled to pump stimulus into the economy.
With the most volatility on record since the 1929 Great Depression, asset managers are now calling for a complete stock market closure. A shut-down came close in the UK this week after an emergency call with the Bank of England.
The Telegraph reported:Vanguard, Blackrock and JP Morgan were among several asset managers who took part in a call on Monday with Andrew Bailey, the new Bank Governor, when the prospect [of closing the stock market] was discussed.
According to the report, a number of asset managers called for a two-week shutdown. But a majority voted in favor of keeping them open.Dow crashes again despite Trump stimulus The Dow Jones crashed back into decline on Wednesday after stock futures slammed into their circuit breakers overnight. | Source: Yahoo Finance
The Dow Jones Industrial Average crashed when the stock market opened on Wednesday. The nosedive came despite the Trump administration’s pledge to mail cheques to Americans.The Dow dove 1,171.73 points or 5.52% to 20,065.65. The S&P 500 fell 5.37% to 2,393.28. The Nasdaq slid 4.4% to 7,012.01.
If equities fall much further, they could trigger a “circuit breaker” that temporarily halts trading. That occurred overnight in the futures markets and has been happening during normal trading hours with alarming regularity over the past two weeks.Time to shut down the U.S. stock market?
This is the fastest descent into a bear market in history. Panic is everywhere. Dow and S&P 500 futures have hit their l...