The Dow Jones Industrial Average sank once again in early trading on Thursday amid concerns about how the spread of the coronavirus will impact the economy.
CNN's John Harwood on Thursday said that President Donald Trump's efforts to calm markets by appointing Vice President Mike Pence to oversee the government's coronavirus response had clearly flopped, as the Dow dropped by more than 700 points in early trading.
"What you have seen today and last night, when Dow futures fell while that press conference was going, on is a no confidence vote from financial markets," Harwood said. "You have the president appointing Mike Pence saying he's good on health -- we all remember that as governor of Indiana, he struggled to cope with a public health crisis on HIV by delaying needle exchanges. That had real consequences in terms of lives lost, so the administration has not gotten its act together."
Harwood also pointed to Trump's defense of his decision to cut funding at the Centers for Disease Control by saying that he could simply hire more people at CDC if he needed to.
"That is not how effective government management works and markets are registering their reaction to that," he said.
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