This is shaping up to be the biggest overnight loss of wealth since the financial crisis. Billionaires including Jeff Bezos and Elon Musk have lost billions of dollars last night alone.
Stocks plunge as investors fear coronavirus outbreak and oil price war—Five experts on what to watch nextShares of Dollar Tree and Dollar General were up 2.5% and 1.5%, bucking the downward trend in the broad market as investors piled into defensive stocks like discount stores. Consumer staples are typically less tied to economic turbulence and will survive a recession as people would still purchase daily goods during a downturn.
that falling oil prices were good for consumers, while he blamed the media and Russia and Saudi Arabia "arguing over the price and flow of oil" for the massive sell-off in stocks.The first day of the Federal Reserve's expanded operation to provide short-term funding for the financial system saw high demand. The New York Fed accepted $112.9 billion of bids after announcing earlier in the morning that it was increasing overnight offerings from $100 billion to at least $150 billion.
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