FOX Business’ Charlie Gasparino says big banks are in trouble due to low interest rates.
As the U.S. stock market and oil prices register one of the worst days in history, CEOs of Wall Street’s biggest banks have been invited to the White House to meet with President Trump this Wednesday, FOX Business has learned.
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DOW TUMBLES MORE THAN 2,100 POINTS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | GOLDMAN SACHS GROUP INC. | 172.81 | -20.04 | -10.39% |
| MS | MORGAN STANLEY | 37.11 | -4.73 | -11.30% |
| BAC | BANK OF AMERICA CORP. | 22.01 | -3.70 | -14.39% |
| C | CITIGROUP INC. | 51.37 | -9.91 | -16.17% |
| JPM | JP MORGAN CHASE & CO. | 93.44 | -14.64 | -13.55% |
| WFC | WELLS FARGO & COMPANY | 32.48 | -4.61 | -12.43% |
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It is unclear which firms and CEOs have received invites, however, it is unlikely JPMorgan CEO Jamie Dimon, who is recovering from emergency heart surgery, will attend.
JPMORGAN CEO DIMON RECOVERING FROM EMERGENCY HEART SURGERY
Trump and members of his administration say the fundamentals of the economy are strong, despite the sharp drop in equity prices, but will look to discuss the financial market fallout from the coronavirus and potential solutions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23851.02 | -2,013.76 | -7.79% |
| SP500 | S&P 500 | 2746.56 | -225.81 | -7.60% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7950.675746 | -624.94 | -7.29% |
OIL PRICES TUMBLE TO 1991 LOWS
The administration is considering whether to implement some form of response to address the damage to the economy that the virus could impose.
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This is a developing story.
