Fed’s Promise to unleash unlimited amount of money to boost US economy in a bid to avert a recession failed massively as US Stocks plunged Monday to start-off new week on a bearish note as coronavirus pandemic continues to spread around the world.
S&P plunged 2.52%, Dow Jones Industrial Average fell 2.41% and Nasdaq Composite slumped 1.13% Monday in defiance of Powell’s announcement of unlimited Quantitative Easing.
The huge losses also follows an impasse between members of the Republican and Democratic party over Trump’s stimulus package to provide loans and loan guarantees to businesses as well as direct payment plan, of at least $1,000 for every adult American.
