Will the United States Close the Markets for Two Weeks?
Top investors in the United States are calling for the market to close down for two weeks. This would allow for the markets to calm down and be less emotional, allowing for everything to go back to where it was before we started with the coronavirus. But will it really happen? Well, if top investors and even some banks have anything to say about it, it is possible. Treasury Secretary Steven Mnuchin has since argued that closing markets is not necessary. “We believe in keeping the markets open,” Mnuchin said Tuesday during a press conference at the White House. “We may get to a point where we shorten the hours if that’s something they need to do. But Americans should know we are going to do everything to make sure that they have access to the money in their banks, to the money in their 401(k)s, and to the money in stocks.”
The likelihood of this happening is extremely slim, but it is a possibility if the markets keep going down. The market has lost close to 5,000 points in the past two weeks alone. To put that into perspective, during 2008 the market only lost 777.68 points. This month was the largest point drop in history.
Are We Really at That Point Yet?
Experts say no, but it’s not entirely out of the question. Markets are expected to rebound, but we don’t how long this pandemic will last. It could be weeks or even months.
What Does This Mean for My Job if They Close the Market?
It depends on your employer and what they are willing to do for you. If the markets close, that could be an indicator for your employer that things are getting much worse, and in order to preserve their businesses they may need to cut back on expenses, possibly your position. Have a plan in place for what you will do if you get laid off. However, working harder can show your boss that you are worth the risk. Learning new skills can also be invaluable to your employer during a time like this.