Trump Today: Trump meets bank chiefs as coronavirus declared pandemic and Dow tumbles

This post was originally published on this site

Samuel Corum/Getty Images

President Donald Trump is scheduled to meet with the heads of major banks Wednesday.

President Donald Trump is meeting with the heads of major banks Wednesday amid another sharp selloff in stocks and the declaration of the coronavirus as a pandemic.

Trump’s scheduled 3 p.m. Eastern meeting with the chief executives of Bank of America BAC, -4.19%, Citigroup C, -8.67%, Wells Fargo WFC, -7.04%   and other institutions comes as the World Health Organization designated the global spread of COVID-19 a pandemic.

U.S. stocks extended losses, building on declines attributed partly to disappointment over prospects for a quick fiscal stimulus designed to cushion the U.S. economy from the outbreak. The Dow Jones Industrial Average DJIA, -5.93%   traded below the bear-market threshold Wednesday afternoon.

Read: Dow tumbles 1,200 points, stocks extend slide after WHO declares coronavirus a pandemic.

Now see: Mnuchin says broad economic response to coronavirus will have to wait, backs smaller plan.

Trump’s meeting is closed to the media.

Sign up for Trump Today and more MarketWatch newsletters.