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You are here News Economy U.S. markets sharply turn after three straight days of gains

U.S. markets sharply turn after three straight days of gains

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US stocks signal steep decline

U.S. markets plunged deep in the red Friday morning, interrupting a stellar three-day run and offering a stinging reminder that the government’s $2.2 trillion rescue package won’t blunt investor anxiety just yet.

Stocks soared this week as the landmark stimulus package came into sharper view. The Senate passed the sprawling bill late Wednesday. The House is now aiming to expedite its own vote on Friday, even while one GOP lawmaker could cause a delay.

But as lawmakers scramble to get the legislation to President Trump, the pandemic’s toll continues to multiply. The United States now has the most confirmed cases in the world and has surpassed 1,000 deaths. A record 3.3 million Americans applied for unemployment benefits last week, according to the Labor Department, and economists say more than 40 million Americans could lose their jobs by mid-April.

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