header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail


Today in
S.C.V. History
June 13
1949 - Frank Walker deeds over the first 40 acres of Placerita Canyon State Park [story]

| Monday, Mar 16, 2020
stock market - New York Stock Exchange.

MANHATTAN — Overtaking last week’s record as the worst since the Black Monday of 1987, the coronavirus-ravaged New York stock market took a nearly 3,000-point nosedive on Monday.

The plummet kicked off right with the opening bell. Circuit breakers halted trading in early morning hours for a 15-minute breather, but the tumbling only continued throughout the day.

At the closing bell, the Dow Jones Industrial Average was down 13% for the day, sitting at 20,188 points, down 2,997.1 points.

The S&P 500 and Nasdaq had similar drops, of 12.98% and 12.32%, respectively.

The free-fall accelerated during a press conference in which President Donald Trump said the worst of the outbreak could last through August despite his prediction that “certain hotspots” throughout the U.S. could be locked down.

“This is a bad one. This is a very bad one,” Trump said. “This is bad in the sense that it’s so contagious.”

Even with his insouciance about Wall Street — “The market will take care of itself,” Trump said — the president’s remarks were far more dire than the president’s previous comments. As last week, Trump had claimed the pandemic was “under control” within the United States.

Earlier Monday, the president also urged state governors to try to purchase respirators and other medical equipment rather than wait on the federal government.

In response to the growing economic malaise, the administration and Congress are working on an $800 billion stimulus package. The House already passed a stimulus package last week.

Stock market futures hinted at a bad Monday when they dropped after the Federal Reserve announced Sunday it would lower the interest rate from as high as 1.25% to as high as 0.25%, their lowest rate since 2015. The move is designed to open up borrowing to corporations and is the Fed’s main tool to combat a recession.

The Fed also said it would purchase $500 billion worth of treasuries and $200 billion worth of mortgage-backed securities.

During a press conference Sunday minutes after the rate cute, President Trump — who had railed against Federal Reserve Chairman Jerome Powell for weeks — said he was very pleased.

“They did it in one step, and I think that people in the market should be very thrilled,” Trump said during a press conference, later adding: “I’m very happy they did it, and you’ll not hear anything bad about me unless “it’s a month or two from now.”

Markets, however, did not react positively to the rate cut.

Overnight stock market futures hit their “limit down” circuit breakers of 5%, halting further downward trades. European markets also took a bath, with the Stoxx 600 closed 5.1% below its start, and Germany’s DAX and France’s CAC 40 also suffered 5% declines.

Among the worst in Europe was Spain’s IBEX, which took a 8.3% plunge after the country announced a 15-day lockdown of nonessential movement. Spain ranks fourth in the world for confirmed coronavirus cases.

Asian markets were not immune, either, with the Nikkei losing 2.4% on the day and the Shanghai SE Composite index down 3.4%. Australia’s ASX 200 index suffered a massive 9.5% hit to its stock market.

Last week markets ended on an upswing following the president’s announcement of a national emergency, with the markets all closing about 9% higher than their opening and the Dow Jones closing at about 23,185 points.

Those gains followed a rollercoaster of highs and lows. On Monday, U.S. markets saw their sharpest drop since the 2008 financial crisis, falling 7% in early morning trading that day before a circuit breaker temporarily halted trading.

Trading on Thursday was similarly dire and hit another benchmark: the largest drop in the Dow since 1987’s Black Monday market crash.

Sandwiched in between on Tuesday, the markets recouped some losses, with the Dow closing about 600 points higher than when it opened.

COVID-19, the new strain of coronavirus responsible for a global pandemic, has now affected well over 179,000 worldwide and more than 4,200 confirmed in the United States, according to data compiled by Johns Hopkins University.

An estimated 7,000 — at least 69 of whom are in the United States — have died globally from the virus, data show.

But some officials claim the numbers are likely higher. A leading health official in Ohio estimates at least 100,000 people in the state already have coronavirus, while one estimate from the Centers for Disease Control and Prevention estimates 160 million Americans could end up infected over the course of the epidemic.

Over the weekend the CDC recommended limiting social gatherings to no more than 50 people. Several states, including New York, California and Ohio, have either mandated or recommended that bars and restaurants close or stay open only to provide take-out and delivery service.

Many schools have temporarily shuttered, including the largest in the United States: the New York City public school system.

During the press conference, Trump said he would rate his performance during the coronavirus crisis “a 10.”

“The market will take care of itself,” Trump said in response to the stock market drop.

— By Nick Rummel, CNS

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.


You can be the first one to leave a comment.

Leave a Comment

Latest Additions to SCVNews.com
1949 - Frank Walker deeds over the first 40 acres of Placerita Canyon State Park [story]
SCV Water Agency will be holding their next regular board meeting next Tuesday on June 18. 
June 18: Regular Meeting of SCV Water Board
Fitch Ratings has raised the County's long-term issuer credit rating to AAA from AA+, garnering the highest possible credit rating available in the financial markets.
County Receives Highest Credit Rating From Two Major Ratings Agencies
SCV Water is proud to announce it has received the prestigious Distinguished Budget Presentation award for its FY 2023/24 & FY 2024/25 Biennial Budget from the Government Finance Officers Association .
SCV Water Honored by Government Finance Officers Association
Summer is right around the corner and the Santa Clarita Public Library has launched its highly anticipated Summer Reading Program through July 27.
Renew Your Love of Reading at the Santa Clarita Public Library’s Summer Reading Program
With the stigma around mental health shifting, conversations about therapy are becoming increasingly popular. However, those who seek mental health counseling know finding a therapist or an ideal therapy approach isn’t always easy. 
CSUN Prof Gives TEDx Talk on Creating a Unified Framework for Psychotherapy
Welcome to this edition of Pilar's Pocketbook. This week, has crucial information to help navigate tax filings and ensure entitled benefits are received.
Pilar Schiavo | Pilar’s Pocketbook Tax Filing Help
Santa Clarita resident and retired William S. Hart High School Baseball Coach Jim Ozella announced his first book was published this spring.
Retired Hart High School Baseball Coach Jim Ozella Releases Book
Making Lawn & Landscape Magazine’s Top 100 List based on a company’s previous year’s revenue is no small feat, yet commercial landscaping design, build and maintenance company Stay Green keeps receiving this top industry honor year after year, placing this family-run business on the map in this nationwide competition.
Stay Green Landscaping Firm Makes Lawn & Landscape Top 100
The Los Angeles County Department of Animal Care and Control  is pleased to announce the second Heart to Home Super Pet Adoption Event taking place at William S Hart Regional Park in Santa Clarita on June 15 from 10 a.m.-3 p.m.
June 15:  Super Pet Adoption Event at William S. Hart Regional Park
1868 - Ravena post office (with one "n") established in Soledad Canyon [story]
Ravenna depot
Three award winning local Santa Clarita Valley artists, Harriette Knight, Patty Haft and Georgette Arison invite the public to an opening reception of a visually stimulating art show called "Eye Candy" on Saturday, Aug. 3, from 5-8 p.m. at the Santa Clarita Artists Association Gallery in Old Town Newhall.
Aug. 2-11: ‘Eye Candy’ at SCAA Gallery in Old Town Newhall
Two Santa Clarita Valley schools will launch new programs, thanks to funding from California Credit Union Foundation through its Spring 2024 Teacher Grant program. As part of its commitment to help educators create innovative learning opportunities for their students, the Foundation provided 10 grants of $500 each to underwrite class projects in Los Angeles and Ventura counties.
California Credit Union Foundation Awards Grants to Two SCV Teachers
In a communication sent on Tuesday, June 4 to Steve Cassulo, District Manager of Waste Connections, the operator of the Chiquita Canyon Landfill, the landfill operators were notified they are in violation of the federal Clean Air Act by the U.S. Environmental Protection Agency.
EPA Issues Violation of Clean Air Act to Chiquita Canyon Landfill
Dive into the world of water pollution at the Old Town Newhall Library, Makerspace, 24500 Main St., Newhall, CA 91321 on Wednesday, June 12, from 3:30-4:30 p.m.
June 12: Teen Summer EnviroScape Program
The city of Santa Clarita is scheduled to begin construction on the Traffic and Pedestrian Circulation and Safety Improvements Project.
City to Begin Traffic, Pedestrian Safety Improvements Project
Join the Santa Clarita Valley Chamber of Commerce for the 2024 Business Expo on Thursday, June 27, 4-8 p.m.
June 27: SCV Chamber 2024 Business Expo
The Santa Clarita Valley Fourth of July Parade Committee is seeking entries for the 92nd Annual Santa Clarita Valley Fourth of July Parade. Deadline for businesses, individuals and groups to enter the parade lineup without a late fee has been extended to Wednesday, June 19.
Fourth of July Parade Entry Extended to June 19
As part of its commitment to restoring local groundwater reliability the Santa Clarita Valley Water Agency will soon begin construction of a new treatment facility to remove per- and polyfluoroalkyl substances and restore three wells to service that are currently offline due to PFAS detection. The proposed facility will also remove volatile organic compounds from two additional wells.
SCV Water to Construct PFAS, VOC Treatment Project in Saugus
The Los Angeles County Community Advisory Committee Meeting for the Chiquita Canyom Landfill will meet Tuesday, June 11 6-8 p.m. at the Castaic Library, 27971 Sloan Canyon Road, Castaic, CA 91384.
June 11: Chiquita Canyon Landfill Community Advisory Committee Meets
1956 - Bill Bonelli incorporates Solemint Water Co., his second of two predecessors of Santa Clarita Water Company [story]
For the month of June 10% of proceeds from the sale of each The LOCAL Pub & Grill Charity Ale, Charity Burger or Charity Cocktail will be given back to Blue Star Ranch, an all-volunteer Santa Clarita Valley nonprofit that serves U.S. veterans with free equine assisted therapy.
Blue Star Ranch Fundraiser at The Local Pub & Grill
College of the Canyons sophomore Flora Peugnet has committed to continue her academic and athletic career at Towson University, following a stellar two-year stay with the Cougars.
COC Standout Flora Peugnet Heading to Towson University
Mukeni "Michael" Masimango has chosen The Master's University to continue his soccer career.
Masimango Commits to TMU Men’s Soccer