(Bloomberg) -- President Donald Trump said he expects markets to recover from the mounting losses caused by the coronavirus outbreak that has killed thousands worldwide and crushed industries including airlines and hotels.
“It’s going to all bounce back and it’s going to bounce back very big,” Trump said Thursday at the White House during a meeting with Ireland Prime Minister Leo Varadkar.
The rout in global stocks deepened Thursday morning as investors showed a lack of faith in the U.S. and European policy responses to the spread of coronavirus. The S&P 500 Index plunged as much 8.5% before paring some losses by mid-morning, with trading settling into a range after an initial bout of selling triggered a 15-minute NYSE-mandated halt.
The sell-off, which has continued for weeks as the outbreak worsened, took a fresh dive after Trump on Wednesday evening announced restrictions on travel from Europe to the U.S., but didn’t announce a clear proposal for fiscal stimulus.
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