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Wall Street Plunges 6/11/2020


A failing economy will encourage our government, and business owners to reopen nationally causing a "Money over Lives" situation we must stay prepared for as Wall Street plunges. A much needed Police reform, and a necessary over hall of an already fragile political system, is causing discouraged Americans to take to the streets with protest in over 500 cities so far.

U.S. stocks dropped sharply on Thursday as investors weighed sobering economic forecasts and new data, along with indications that the COVID-19 pandemic is far from subsiding.

The Dow Jones Industrial Average closed down 1,861 points, or 6.9 percent, and the S&P 500 was down 5.9 percent, the biggest fall since March 16. Just a day before, the Nasdaq Composite hit an intraday high.

On Thursday, several sectors including hospitality and leisure suffered steep declines. As more than 20 states report a climb in coronavirus cases, there are new worries that consumers will be reluctant to return to restaurants and take trips.

During a news conference on Wednesday, Federal Reserve Chairman Jay Powell said the central bank is committed to keeping interest rates near zero, highlighting the uncertainty surrounding the timing of an economic recovery.

According to the Johns Hopkins Coronavirus Resource Center, there have now been more than 2 million confirmed cases of COVID-19 in the United States, and 115,000 deaths.

In his remarks, Powell again acknowledged the risks of a “second wave” after states reopen their economies.

“You could see a public loss of confidence in parts of the economy that will be already slow to recover,” he said.

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