Futures jump: Dow 3.91%, S&P 3.95%, Nasdaq 3.85%. The Canadian dollar strengthened against its USA counterpart on Tuesday as the prospect of stimulus efforts to ease the economic pain of the coronavirus pandemic tempered risk aversion. "People woke up this morning to realize that legislation will be passed". On Wall Street, the benchmark S&P 500 index 2.9% to 2,237.40 in another day of sudden swings.
The TALF will enable the issuance of securities backed by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration. Similar massive falls in the so-called Purchasing Managers Index (PMI) were also largely ignored by investors in other countries. On Monday, the U.S.
Department of Energy said it would buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve by the end of June. The American Exploration and Production Council said in a March 12 letter that it needs Trump's help in ensuring "restoration of a functioning, stable, global market for oil".
The prime minister was careful to emphasise that this won't be over any time soon. It was meant to provide a unified position on a national crisis. New South Wales and Victoria states announced the closure of non-essential services that exempt pharmacy, petrol stations, and supply stores going into effect in the next 48 hours, as per reports.
One commenter on the GasBuddy listing stated the gas station is known for its cheap prices. "We could see prices drop another 25 cents in the coming weeks and for states in the south that are already paying under 2 dollars prices could go to 1.75", Casselano stated.
The drop in demand, particularly in transportation, is also leading to a rapidly growing glut in refined products such as jet fuel and gasoline. Though the oil industry's major trade association, the American Petroleum Institute, says it does not want a government bailout, some in the industry are pushing for embargoes or tariffs.