Ever since his improbable electoral college victory in 2016, President Donald Trump has tied his fortunes to the stock market. Though he inherited a chugging economy built under the policies of his predecessor, at no time in modern history has a U.S. leader claimed more credit for share prices. But after a catastrophic sell-off triggered by the oil standoff, a worldwide pandemic and the administration's slowness to respond, Trump's bull market is now his bear market. The Dow Jones Industrial Average has lost more than 30% of its value, wiping out all of its gains since the real estate developer became president three years ago. Here's what it means for the global economy. —Josh Petri Bloomberg is mapping the spread of the coronavirus globally and in the U.S. For the latest news on the outbreak, sign up for our daily newsletter. Here are today's top storiesAs efforts to contain the coronavirus intensify, the number of Americans filing for unemployment benefits is skyrocketing. Women in particular are at high economic risk. The Senate on Wednesday approved a relief package passed by the House four days ago that includes paid sick leave and financial assistance for coronavirus testing. After weeks of Trump downplaying the threat, and mistakes by federal agencies that first refused to use an international test and then made their own defective version, governors and mayors have stepped into the coronavirus breach. Trump, meanwhile, now claims he knew it was going to be a pandemic all along. The White House announced a series of new steps to combat the growing pandemic, including ordering Navy hospital ships to both coasts and allowing doctors to work across state borders. Former Vice President Joe Biden is now the likely Democratic presidential nominee after winning primaries in Florida, Illinois and Arizona on Tuesday night. Detroit automakers will temporarily shut down their U.S. plants in an effort to slow the virus's spread. Some Amazon drivers, by contrast, received a single wipe to clean their vans before their shifts. Mortgage giants Fannie Mae and Freddie Mac, which backstop about $5 trillion worth of home loans, will halt foreclosures for 60 days. Bloomberg Businessweek Special Report, The Lost Year: Trump staked his reelection on a booming economy. Not so much anymore. What you'll need to know tomorrow What you'll want to see in Bloomberg PhotosFrom Los Angeles to New York City and New Orleans, thoroughfares that would normally be teeming with people as spring approaches are empty and quiet. The reality of the coronavirus pandemic has taken hold of the world's largest economy. Empty is the new normal.  Like Bloomberg's Evening Briefing? Subscribe to Bloomberg All Access and get much, much more. You'll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. Interested in the future of health care? Sign up for Bloomberg's Prognosis. Get the latest news and analysis about the people, science and industries driving the medical economy, delivered to your mailbox weekly. Download the Bloomberg app: It's available for iOS and Android. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more. | 
Post a Comment