The White House will host a meeting with Wall Street’s Top executives later this week focusing on the economic impact of the coronavirus.
The stock market has been hammered since the coronavirus outbreak began, with Monday marking the single worst drop in the US since December 2008.
The S&P 500 fell 7% Monday, after having dropped by 12% from a high in February, causing an automatic halt in trading.
The President is considering several options to stabilize the economy, including offering funds to small businesses that have been affected by the instability caused by the virus outbreak.
President Trump downplayed the virus’ effect on the economy in a Tweet Monday morning.
President Trump tweeted while in Orlando, Florida for a campaign fundraiser: “So last year 37,000 Americans died from the common flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!“
President Trump added: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!”