Financial

Stocks plunge after Trump travel ban announced; NYSE suspends trading

The New York Stock Exchange suspended trading shortly after opening today as markets fell hard and fast over the European travel ban announced last night by President Donald Trump. The Dow Jones fell 1700 points (7%), a drop matched by the S&P 500 and NASDAQ indexes.

US stocks sold off sharply for the second straight day after President Donald Trump banned European travel to the United States. Wall Street investors are worried about the scale of the coronavirus pandemic and its economic consequences. …

Trading is halted for 15 minutes when when the index hits first two circuit breakers: a drop of 7% and again when it falls 13%. A circuit breaker can be triggered only once per day, so if the S&P drops 7% upon the re-open, the market doesn’t close again.

If the index falls 20%, trading is suspended for the rest of the day.

Trump announced the 30-day ban on travel from Europe in a televised address to the nation as a response to the coronavirus pandemic, but he seems to have been confused on some of the details and exemptions as described in the formal announcement. Chaos reigns.

Let this sink in.

During a worldwide pandemic creating ongoing economic shock Trump ACCIDENTALLY ANNOUNCED A BAN OF CARGO SHIPMENTS FROM EUROPE

This is an absolute circus.https://t.co/syU1XhJHYf

— Judd Legum (@JuddLegum) March 12, 2020

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