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Axios Re:Cap

Keeping the Markets Open

Axios Re:Cap

Axios

Daily News, News

4.5705 Ratings

🗓️ 23 March 2020

⏱️ 10 minutes

🧾️ Download transcript

Summary

As stocks plummet, there have been calls to close the markets. But the counter-argument is that it would starve companies of capital and make it impossible for investors to liquidate their assets. Dan digs in with Tal Cohen, the Nasdaq's head of North American markets. PLUS: Uber asks Trump not to forget about gig economy workers and big streaming strains on our broadband.

Transcript

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0:00.0

Welcome to access pro ron, where we take just 10 minutes to get you smarter on the conclusion of tech, business, and politics.

0:09.6

Sponsored by Bridge Bank. Be bold. Venture wisely. I'm Dan for Mac. On today's show, Uber asks Trump not to forget about gig economy workers and big strains on our broadband.

0:20.0

But first, the market's in endless turmoil. But first, the markets in endless turmoil.

0:23.0

Last night, the stock market basically vomited all over itself, with the Dow futures falling

0:27.6

5% just four minutes after the open, causing a stoppage.

0:32.3

That was probably because at the time, President Trump was about 20 minutes into his daily

0:36.3

coronavirus press conference,

0:37.9

but hadn't mentioned anything about a deal on the economic stimulus.

0:41.4

This morning, things looked even bleaker, with Democrats and Republicans still unable to

0:45.8

reach consensus, although the Fed then did briefly calm things down a bit by throwing

0:50.4

its version of the kitchen sink, including a first ever toe dip into the corporate

0:54.5

bond market.

0:55.5

The upshot here is that the markets, like the rest of America, are in a volatile crisis,

1:00.4

but unlike the rest of America, they haven't closed down.

1:03.6

There are some who believe stock markets do need to take a breather, just so that investors

1:07.1

can make decisions once they have a better sense of what the pandemic is doing to our

1:10.7

economy and what the federal government plans to do about it. But that doesn't seem likely to

1:15.0

happen anytime soon, with the only substantive change so far being that the New York Stock

1:19.3

Exchange closed its floor, effective today, joining the rest of white-collar industry in working

1:24.2

from home. So should the market stay open? And if so, what kind of activity

1:28.2

are we really going to see there? We'll go deeper on those questions in 20 seconds with Tal Cohen of the

1:32.7

NASDAQ. But first, this. The Equity Fund Resources Group at Bridgebank is a central hub for the

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