Stocks dropped and the US dollar soared on Thursday as coronavirus fears overpowered stimulus efforts.
The European Central Bank unveiled a bond-buying program worth 750 billion euros, or $814 billion, on Wednesday. President Donald Trump signed a coronavirus relief bill into law, expanding unemployment insurance and granting sick leave to hourly employees. However, volatile markets and fears of a global credit crunch drove investors to US dollars, pushing the British pound to a 35-year low.Stocks dropped and the US dollar soared on Thursday as investors doubted central banks and governments would succeed in stopping the novel coronavirus from choking the global economy., or $814 billion, buying private and public bonds.
"Extraordinary times require extraordinary action," ECB President Christine Lagarde said, emphasizing that there were"no limits" to her commitment to the euro.
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There's no stimulus that can overcome this. Not sure why this money isn't going directly to consumers. I think 50% unemployment is probably around the corner.
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