Transport Topics
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U.S. stocks tumbled, with benchmark gauges posting their worst drop since 1987, as investors signaled the Federal Reserve’s extraordinary bond-buying measures, and President Donald Trump’s economic proposals, won’t be enough to counter the economic impact from the coronavirus.
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For fleets, COVID-19 portends worse news in a freight market that already was slowing, executives said, as businesses urge their staff to work from home and consumers withdraw from daily activities.
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In a further indication of the stress rippling through the construction and mining sectors, Caterpillar Inc. reported its biggest decline in global machine sales since the end of 2016.
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Just a week ago, when crude oil prices fell to $46 a barrel, the mayor of the biggest city in the world’s largest shale oil patch seemed oddly calm, almost relieved.
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