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NYSE Suspended Trading After Stocks Tank: Trump Clueless?

An automatic circuit tripper was triggered this morning when the NYSE opened due to the worst drop in the Dow Jones average since the financial crisis of October, 2008 (and before that, 9/11):

The Dow Jones Industrial Average tanked 1,247 points — 4.8% — on pace for its worst day since December 2008, while the S&P 500 plunged 4.9%. The massive sell-off triggered a key market circuit breaker minutes after the opening bell. Trading was halted for 15 minutes until reopening at 9:49 a.m. ET. At one point in morning trading, the 30-stock Dow dropped 2,046 points and the S&P 500 cratered 7.4%.

This is the first time the trigger was activated since 1997.

As for why the Dow freaked out, it's fears over the oil trade deal and the coronavirus.[More...]

Even the stock share prices in Gilead Sciences, which is in the testing phase of a drug called Remdesivir to treat coronavirus is not responding upward the way analysts expect it would, likely from being slowed down by a lack of eligible recruits in China.

[Giliad and] Regeneron Pharmaceuticals are both making progress in developing treatments for coronavirus, according to a report published Monday by Leerink Research. But the stocks were off more than 4% in afternoon trading, a sign that investors remain skeptical.

Early indications are that Gilead’s (ticker: GILD) antiviral drug Remdesivir, originally developed to treat Ebola virus, is the most promising treatment for severe cases of coronavirus, analyst Geoffrey Porges writes.

Here's an article from February on how the testing was progressing