U.S. Daily Market Review 16.03.20

U.S. stock indexes lost close to 8% today as many traders and investors dumped risky assets for cash after the Fed report of reducing its rates close to near zero.

At 12:55 p.m. ET, the Dow Jones Industrial Average slipped 2,119.07 points, or 9.14%, at 21,066.55.

The S&P-500 dropped 231.58 points, or 8.54%, at 2,479.44. The Nasdaq Composite fell 656.07 points, or 8.33%, at 7,218.81.

The hi-tech giants of Apple Inc (AAPL.O), Microsoft Corp (MSFT.O) and Facebook Inc (FB.O) all retreated around 7%.

The airline sector witnessed massively declining bookings due to coronavirus. Its top management hopes to secure grants and loans totalling as much as $58 billion from the U.S. government.

Goldman Sachs on Sunday downgraded its forecast for the economy in the first two quarters of 2020 as the coronavirus negatively affects the growth rate in the U.S.

Goldman’s chief economist dropped his first-quarter GDP growth forecast to zero from 0.7%.

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