Dow plummets as Trump tips recession
Key Points
- Trading on Wall Street was suspended at the open for 15 minutes as stocks plummeted
- The ASX-200 fell 9.7 per cent today, its worse single day fall since 1987
- The federal government has announced it will release a second stimulus package
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Trump sees potential for recession
In a press conference at the White House, President Trump said the US "may be" heading toward a recession.
Trump said he expected the worst of the virus outbreak could be over by July or August.
ASX futures down 230 points or 4.6% to 4818 near 6.45am AEDT. The $A slid 1.3%, falling as low as US60.79¢ overnight.
In late trade in New York, the Dow was down near 2600 points or 11.2%.
At this point, the administration is not considering a nationwide curfew, he also said.
Trump said the government is taking over of a number of buildings to expand medical surge capacity.
The President also said the US would back 100 per cent the nation's airlines.
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