AP
- European and Asian stocks dropped and US futures whipsawed on Monday as investors weighed plunging oil prices and escalating coronavirus risks against stimulus measures.
- Oil slumped to a 17-year low after Saudi Arabian officials said they weren't in contact with Russia about ending their price war and stabilizing markets.
- President Donald Trump gave up hope for a return to normal life by Easter, instead predicting US deaths from the pandemic would peak at that point.
- Trump also signed a $2 trillion stimulus bill into law on Friday, designed to give financial aid to distressed industries, small businesses, state and local governments, healthcare providers, and households.
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European and Asian stocks dropped and US futures whipsawed on Monday as investors weighed tumbling oil prices and the prospect of months of disruption due to the novel coronavirus against stimulus measures.
Crude prices slumped to 17-year lows as airlines grounding their fleets, authorities imposing lockdowns, and factory closures hammered demand. Moreover, Saudi Arabian officials said they weren't in contact with Russia about ending their oil-price war and stabilizing markets, Reuters reported.
See the rest of the story at Business Insider
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See Also:
- The $2 trillion coronavirus rescue package is more than double the size of Obama's stimulus plan — but it may only salvage the economy for a few months
- Trump signs the $2 trillion coronavirus economic relief bill into law, which includes checks for Americans and business loans
- House passes $2 trillion coronavirus stimulus bill, which includes direct payments to Americans and business loans
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