It was a beautiful blue-sky day here in Seattle, but another Black Monday on the financial markets.
Not the Federal Reserve’s emergency rate cut of 100 basis points (to zero), that was announced on Sunday, nor Trump’s press conference at the close of the bell on Monday, made much of a difference.
All three Wall Street indexes opened 12% down. The circuit breakers kicked in. After 15 minutes, trading resumed for the rest of the day, but without any uptick.