European traders heading home with major indices heading back down
The European traders going home with the Dow industrial average heading back to the downside. The index is currently down -2060 points or -8.89% at 21123. The corrective high price reached 21768.28. The low reached 20387.10.
The NASDAQ index is also now down -8.07%. The S&P index is down -8.42%.
Selling into the European close.
The Pres. will address the nation at 3:30 PM ET. Traders may be as in themselves against that event before heading home. Goldman also warned of -5% GDP. Remember US GDP is annualized. So if there is Quarter on Quarter growth of +0.50%, that annualizes up to close to 2%. If growth slows to -1.25% because of all the closures suppressed spending, that gets -5% annualized growth.
The good news is the bounce back can be just as dramatic, but it is a shock.
UPDATE: Dow down -9.18% now
