East County News Service
March 17, 2020 (New York) -- Despite the federal government dropping interest rates to zero in an effort to stave off economic disaster amid worsening coronavirus news, after President Trump’s speech on Monday the stock market plummeted even lower.
The Dow Jones fell by nearly 3,000 points Monday, the worst drop in history.
The Standard and Poors Index fell 12%, its worst day since “Black Monday” on October 19th, 1987.
And the NASDAQ composite ended the day down 12.3%.
Those are after earlier plunges in recent weeks as the COVID-19 crisis deepened. The Dow Jones dipped into bear territory last week, when the World Health Organization declared a global pandemic.
Some banks have begun limiting cash withdrawals short-term, seeking to stave off panicked investors.