Transcript for Stock market continues to plunge
Another brutal day on Wall Street the Dow sinking over 14100 points officially entering bear market territory I mean stocks are down more than 20% from their 52 week highs. Today's sell off once again related to fears over corona virus and pessimism that any economic stimulus measures are still far off. Want to bring in ABC's Rebecca Jarvis is on Wall Street with more Rebecca what's the latest on those plans to boost the economy where are you hearing from some on Capitol Hill that a payroll tax. May not be the best solution. Well if you're on Wall Street Lindsey the number one concern is the immediate stimulus what could be done and immediately. To help of Mary cans that are dealing with this disease and to stimulate the economy or at a minimum keep the economy. From worsening and one of the thoughts here is that she was sick leave would enable people who have service jobs who don't get paid if they don't show up to not going to work if we're feeling sick that's. Very sheet in the immediate future and you've talked so much with doctor Jan about this idea of bending flattening the curve here with the corona virus and having fewer cases hit call it winds keeping sick people from going to work would definitely do that and that's part of the reason why we've heard from so many companies. We're told their employees to work from home it's all. Part of this effort to keep that from happening but of course there are jobs where you have to she'll work in order to get paid. Starbucks for example is saying they will pay their employees. We're sick leave if an employee is feeling sick they can stay home from work and get paid for up to fourteen days as far as Starbucks is concerned but that is not the case with the majority of service jobs at this point there are plenty of restaurants and movie theaters and other items we are people. Have to show up for work in order to get back paycheck and that's a big concern for those Americans and of course many of us are feeling is collective whiplash does there's seen any any. Possible and insight on this volatility. So much of the volatility is based on big disease it sells the severity of disease and they'll hold that it has taken now on virtually every American industry we've heard it now from the airlines United Airlines just out saying. Bet this is. Two tides as bad as the post 9/11 world for that may seem domestic. Eight domestic. Flights bookings for domestic flights dropped 70%. In the aftermath of B corona virus Lindsay their also so many small businesses that are waiting on pins and needles even waiting in many cases for product. From China and other businesses small businesses that don't deal on China for their product still live in a somewhat dated day cycle and if they don't have customers coming in the door that's a big problem for them now when it comes to policy and stimulus one of the questions could very well beat. Bailout so will certain industries. Be getting bail outs. That's something we face in 2008 with the financial crisis the banks got bailouts need. That car company is the auto companies some of them also about bailouts. Those are highly politicized questions especially in the aftermath of the 2008 recession because of that fact that. While many business is got back on their feet. Many Americans didn't see their paychecks go up in the aftermath Lindsay writes and want some uncertainty all around Rebecca Jarvis thanks so much.
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