The Dow Jones Industrial Average fell from its record high of $29,500 and over to below $19,000 amidst both the coronavirus pandemic and the Saudi-Russia oil price war. The speculative drops occur amidst declining IPO's, rising unemployment, and a quick end to the Trump-era boom economy. The market initially delayed to drop the week following February 12th as speculators underestimated the virus' potential to grind all economic gears to a screeching halt. In a desperate attempt to rejuvenate the financial markets, President Trump and Vice President Pence gave speech after speech, including at CPAC the final week of February, where one attendee was reported to have tested positive. Immediately after the CPAC event in National Harbor, Maryland, which ended March 1st, several members of Congress in attendance self-quarantined. Trump's further efforts to rejuvenate the financial markets drastically failed, as his Oval Office speech included many blunders from the President's speechwriters about goods from Europe, as borders from Europe closed. Stay-at-home orders have been issued by several State Governors over the course of the last week, closing stores and further dropping the stock market indices. This has become a very tumultuous time for investors as many retirement plans are left with their futures uncertain. The time it will take for this pandemic to pass remains even more so uncertain as well.
Written by Caleb Wright