19:01 GMT05 December 2020
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    In an attempt to ease coronavirus fears, US President Donald Trump addressed the nation from the Oval Office in Washington, DC, on Wednesday. He instituted a 30-day ban on foreign nationals traveling from Europe into the US, excluding the UK. However, his address backfired, immediately sending US stocks into a historic nosedive the following day.

    Trump Stock Panick

    Despite the Dow going more than 2,000 points in the red earlier on Thursday, Trump still seems to think that markets will be “just fine,” according to CNBC, which reported that during his address announcing a ban on foreign individuals traveling from 26 European countries into the US for 30 days, stock futures immediately started selling off.

    On Thursday, the Dow Jones Industrial Average index fell by more than 2,300 points, hours after the president’s address. Trump defended his decision to cut travel links with the European Union over the COVID-19 outbreak, telling reporters on Thursday: "I could not consult with European officials before implementing the travel ban because we had to move quickly." 

    Trump added that the existing 30-day ban on travel from Europe could either be extended or shortened, depending on the situation, admitting that the travel restrictions will definitely have a "big impact” on the economy.

    Related:

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    Covid-19: Indian Investors Lose $147.16 Billion in Record One Day Market Dive
    I Have to Move Quickly: Trump Explains Travel Suspension From European States Without Consultations
    US Stock Trading Suspended for 2nd Time This Week After 7-8% Fall
    Trump Extends Iran Oil Development Sanctions for Another Year
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    pandemic, Stock Market, US President, Donald Trump
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