Trump to ask Senate for payroll tax relief amid coronavirus
President Trump speaks on how the U.S. is handling the coronavirus outbreak economically speaking during a briefing at the White House.
U.S. stock futures, which opened with a triple-digit loss Monday evening after the Dow Jones Industrial Average tumbled 2,013 points, its worst one-day point drop ever, quickly reversed course.
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The Dow, S&P 500 and Nasdaq Composite rose after President Trump led an update with the coronavirus task force.
"We are taking care of the American public," Trump promised, noting he and his team are evaluating a number of options to do just that.
Those include a potential payroll tax cut, a backstop for hourly wage earners so nobody will "miss a paycheck" and ongoing conversations with hard-hit industries including the airlines and hotels. He also discussed working with the Small Business Administration on a loan program for those impacted.
Trump said he will talk more about those economic policies on Tuesday which "will be major," he promised.
WALL ST. CEOS SUMMONED TO WHITE HOUSE AMID STOCK CARNAGE
On Monday, the Dow, along with the S&P 500 and Nasdaq Composite lost over 7 percent apiece. The extreme selling was a combination of more cases of the coronavirus as well as a price war on oil between Saudi Arabia and Russia.
|I:DJI||DOW JONES AVERAGES||23851.02||-2,013.76||-7.79%|
|I:COMP||NASDAQ COMPOSITE INDEX||7950.675746||-624.94||-7.29%|
Oil, which tumbled an unprecedented 30 percent plus during the Monday session, also rebounded slightly. The U.S. benchmark, West Texas Intermediate, hugged the $32 per barrel level, while Brent, the global benchmark, hovered around the $35 per barrel level.
This is a developing story.
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