No travel from Europe to the US for 30 Days

Market Trends - 12/03/2020

The US announced a prohibition against travelers to the United States arriving from Europe to restrain the spread of the new coronavirus. The policy will be in place for the next 30 days.

A “foreign virus,” was the name that President Trump gave to the coronavirus and blamed Europe for not taking the necessary steps to control the virus as his government did. “As a result” of Europe’s inaction, Trump said, “a large number of clusters” of coronavirus “were seeded by travelers from Europe.” The president of the United said that he would ask from Congress to take action to provide payroll tax support, as well as further actions for several groups affected by the new virus.

The president of the United States said he will also direct the Small Business Administration to “provide capital and liquidity” to small companies.

Trump announced the prohibition would be for countries in the Schengen economic and travel area, and that Ireland and the United Kingdom will be excluded. The President Later also explained through a tweet that shiploads and goods would not be hit by the prohibition.

The European Commission did not instantly comment on President Trump’s announcement.

U.S. stock futures dropped fast while Trump ended his announcement. The popular Dow Jones Industrial Average futures fell more than 600 points to the downside. Those declines registered additional damage to the 30-stock average yesterday since its record high from just last month. The Dow now lost more than 20% below its record top.

Minutes after Trump finished his speech, the Hollywood actor Tom Hanks announced that he and his wife, Rita Wilson, are positive for coronavirus.

Yesterday's market declines were partially influenced by a new announcement by the World Health Organization that coronavirus had reached pandemic levels.

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