US Treasury Sec. Mnuchin: Treasury planning injection into exchange stabilization fund

In an interview with CNBC on Wednesday, US Treasury Secretary Mnuchin said that the Treasury is planning an injection into the exchange stabilization fund.

Mnuchin explained that they are closing down parts of the economy to destroy the coronavirus and reiterated that the US will deliver assistance to people affected by the outbreak.

"The US economy will come roaring back once we conquer coronavirus," Mnuchin added. "We are confident there will be bipartisan support for coronavirus assistance plans."

Market reaction

Wall Street's main indexes failed to capitalize on these comments. As of writing, the Dow Jones Industrial Average was down 6% on the day while the S&P 500 and the Nasdaq Composite were erasing 5.5% and 4%, respectively.