Evan Vucci/ASSOCIATED PRESSTopline: The stock market tanked on Monday, falling more than 12% after President Trump said the coronavirus could last longer than expected, and that the U.S. could face a recession despite the Fed’s massive interest rate cut over the weekend. At a press conference with members of the coronavirus task force this afternoon, President Trump said the worst of the coronavirus outbreak could last until August. He also told reporters that the U.S. “may be” heading for a recession; experts agree. Stocks fell sharply after his comments, with the Dow Jones Industrial Average down almost 13%, nearly 3,000 points, the S&P 500 down 12%, and the Nasdaq Composite down by 12.3%. Key background: The stock market is now down almost 30% from its record highs just three weeks ago.

Source: Forbes March 16, 2020 20:15 UTC