March 9, 2020
The Dow Jones lost over 2000 points Monday morning as a price war between Russia and Saudi Arabia threatened to shake the world’s markets. Fears of the economic problems associated with coronavirus also contributed to the loss. The situation became so dire that trading was temporarily suspended.
The price for West Texas Intermediate crude oil, a bellwether indicator for oil prices, went down 33.8%. That is a very large hit. The market was down 2.046 in the opening moments of Monday trading. The Nasdaq was down 7.3% and the S&P 500 was off 7.4%.
The oil war between the Russians and the Saudis flooded the supply and sent the cost of a barrel down to a low $27.34. Major oil companies like Exxon, Mobil, and Chevron all took major losses.
Travel companies and associated services are reeling from the effect to the their business of the coronavirus, as airlines and cruise ship firms were also hard hit on Monday morning.
These economic developments could have a major impact in the reelection of the president. These problems could start to multiply, much to the happiness of the Democrats. If the issues take on a domino effect then one of the president’s main talking points, the nation’s economic boom, could become a net loser in his reelection message. That would significantly lower his chances for reelection.
This piece originally appeared in LifeZette and is used by permission.
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