As the Stock Market Plummets Amid COVID-19 Fear, Trump 'Furious'

by Na Juseok

Published 26 Feb.2020 15:51(KST)

[Asia Economy Reporter Naju-seok] It has been reported that U.S. President Donald Trump was furious about the U.S. stock market crash. He was angry that the U.S. Centers for Disease Control and Prevention (CDC) had raised concerns about the novel coronavirus infection (COVID-19), which triggered fear in the market.

[Image source=Reuters Yonhap News]

On the 26th (local time), the Washington Post (WP) cited an anonymous White House source saying that President Trump was outraged over the stock market crash caused by COVID-19.

The day before, Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases under the CDC, said at a press conference, "We will see community spread (of COVID-19 in the U.S.)," adding, "It is only a matter of when it will happen." Messonnier emphasized that the outbreak of COVID-19 is "progressing and expanding very rapidly," and now is the time for businesses, schools, and hospitals to start preparing.

Anne Schuchat, deputy director of the CDC, mentioned, "The current international outbreak situation of COVID-19 signals the possibility of a global pandemic." The CDC suggested that as COVID-19 spreads domestically, there should be preparations for significant disruptions to daily life, including cancellations of schools, sports events, concerts, and business schedules.

As the CDC conveyed these concerns, fear filled the market. The Dow Jones Industrial Average closed at 27,081.36, down 879.44 points (3.15%) from the previous day. The S&P 500 index fell 97.68 points (3.03%) to 3,128.21, and the Nasdaq index dropped 255.61 points (2.77%) to 8,965.61. The Dow and S&P 500 had also plunged 3.56% and 3.35%, respectively, the day before.

President Trump, who is campaigning for re-election, is sensitive to the U.S. stock market situation. His confidence in re-election had been supported by the growth of the U.S. economy and the stock market hitting record highs day after day. However, with the recent COVID-19 concerns causing a stock market crash, the Trump campaign has also received a red light.