NEW YORK - Wall Street stocks sank Friday , plunging after three positive sessions despite the House of Representatives approving a US$2 trillion package to address the coronavirus crisis.The broad-based S&P 500 dropped 3.4 per cent to 2,541.47, while the tech-rich Nasdaq Composite Index tumbled 3.8 per cent to 7,502.38.
The bill will pump US$100 billion into hospitals and health facilities in critical need of medical gear like personal protective equipment and ventilators, create a US$500 billion loan reserve for large corporations including airlines and provide US$377 billion in grants to suffering small businesses."It is clear that we have entered a recession" that will be worse than the aftermath of the global financial crisis in 2009, said IMF chief Kristalina Georgieva.
But there remains doubt about whether that can happen in the three weeks he has set as the timeframe.
‘Winning streak’? Oh get a grip.