Dow Drops 2.6% on Opening, Ignoring Good US Job Data – Reports

US President Donald Trump has stated that he thinks the financial markets will bounce back, but also that the Federal Reserve should cut interest rates again.

The Dow Jones Industrial Average dropped 664.07 points, or 2.54%, at the open to 25,457.21.

The S&P 500 opened 69.74 points down, or 2.31%, at 2,954.20. The Nasdaq Composite fell 269.58 points, or 3.08%, to 8,469.02 at the opening bell.

The Brent crude oil rate fell below $48 per barrel (46.75 dlr/barrel) for the first time since July 2017, price charts showed.

As of 10:50 GMT, the price of May futures for North Sea Brent crude oil dropped by 4.58 percent, to $47.7 per barrel. The value of April futures for WTI crude oil decreased by 4.27 percent, to $43.94 per barrel.

Notably, moments earlier, the price for both Brent and WTI fell by 5.6 percent.

Donald Trump earlier in the day commented on the US jobs data, praising the numbers.

But “the Fed should cut and the Fed should stimulate”, Trump told reporters as he signed a bill providing $8.3 billion to tackle the coronavirus.

US stocks tumbled about three percent on 5 March after the state of California declared an emergency over the novel coronavirus, while health authorities across the United States are working to contain the outbreak in the world’s largest economy.

A total of 11 Americans have died so far from the novel strain of the coronavirus, while more than 100 others in the United States have been infected.

Sourse: sputniknews.com