The economy is heading down the toilet. Graphs of the markets falling off cliffs are scary. Experts are talking about the 1987 crash. But before you start stress eating chocolate, here’s what you need to know about what’s happening on Wall Street, in Washington, D.C., and beyond.
SHOULD I JUST STUFF MY MONEY IN A MATTRESS?
At this point, what’s happening to the markets is a wait-and-see game. As of late this morning, the Dow Jones Industrial Average was down about 740 points, or 2.7%. The Nasdaq Composite Index declined over 333 points, or 2.91%, and the S&P 500 was looking at a 90-plus point drop, or 2.66%.
WHY IS THIS HAPPENING?
COVID-19 cases are on the rise, so there are fears about what this next wave of the pandemic will do to the economy. The latest data shows more than 74,000 new cases in the United States, with the country’s total now at almost 8.8. million. According to the Johns Hopkins University School of Medicine, an estimated 226,700 people have died from the virus since the first case was reported on January 21.