Alex Carlucci The Mortgage Expert,
Publish On: March 14, 2020
BREAKING NEWS: Coronavirus Stimulus Announcement Package By Trump Surges Stocks 1,985 Points:
- President Donald Trump declared a national emergency yesterday due to the coronavirus pandemic
- The Coronavirus Stimulus Announcement Package By Trump Surges Stocks 1,985 Points
- President Trump announced multiple Coronavirus Stimulus Packages on Friday
- As the President was talking, the Dow Jones and other major market indices were skyrocketing
- The Dow Jones closed surging 1,985 points
- The speech on the coronavirus stimulus announcement gave investors confidence that the economy will be alright in the near future
- Lenders kept on increasing mortgage rates throughout the week due to the massive influx of mortgage loan applications
- Home purchase mortgage applications were down over 10% for the week as the coronavirus pandemic is causing fears from homebuyers
In this article, we will discuss and cover the breaking news of the Coronavirus Stimulus Announcement Package By President Donald Trump.
Trump Declares National Emergency And Proposes Coronavirus Stimulus Package
The Dow Jones skyrocketed 1,985 points as the Trump Administration Coronavirus Stimulus announcements eased concerns of the state of the U.S. economy. All equity markets skyrocketed Friday while President Trump was addressing Americans on national television one hour before the close of markets. Stocks recovered from the worst single-day drop since the 1987 Stock Market Crash. The Dow Jones Industrial Average skyrocketed 1,985 points after Wall Street loved what President Trump was saying about the Coronavirus Stimulus partnership between private corporations and the government. All three major equity indexes skyrocketed towards the end of trading Friday. Many fears by investors and Wall Street was relieved as President Trump appeared cool, calm, and collected during his speech. The President spoke with conviction and seemed like he had both Democrats and Republicans united prior to his coronavirus stimulus proposal.
U.S. Coronavirus Stimulus Announcement Welcomed By Global Leaders
The S&P skyrocketed 9.3% to close at 2,710.94 on Friday. The 1,985 point gain in the Dow marked the Dow Jones closing at 23,185,62 on Friday. The Nasdaq Composite closed at 7,874.23 or up 9.3%.
Volatile Week In The Financial Markets
It has been an extremely volatile week in the financial markets due to the coronavirus pandemic. The virus also affect the housing and mortgage markets.
Mortgage Rates In Uncharted Territory Affecting Borrowers
The plunge in the stock markets plummeted the yield on the 10-year US Treasury to fall below 1.0%. With the yield plunging below 1.0%, it sent mortgage rates to historic record lows. However, lenders are increasing rates when mortgage rates are at an all-time low due to the massive new mortgage applications. Mortgage rates were increasing all week. With the uncertainty of the US economy and uncertain mortgage markets, Americans are nervous about buying a home this year. Even though refinance home mortgage applications have been increasing in record numbers, home purchase mortgage applications have been dropping the past two weeks. Americans are worried about the economy and potential layoffs and unemployment. Experts are anticipating a bad second quarter on earnings. However, the key question is how long will this last. Until there is an approved vaccine for the coronavirus, nobody knows. In the meantime, mortgage companies are waiting for mortgage rates to be in sync with the national rates and have lenders adjust the pricing.
