Charles Payne: Emotions are driving stock market plunge more than facts
{{#rendered}} {{/rendered}}Fox Business host Charles Payne on Thursday voiced his concern about how the coronavirus’ impact on the stock market is being reported.
“Markets are tricky, particularly when emotions are driving it more than anything else,” the host of "Fox's Making Money with Charles Payne" told “America’s Newsroom.”
Payne’s comments came after the former Federal Reserve Chair Janet Yellen warned this week that the deadly coronavirus outbreak could choke global growth and veer the U.S. toward a recession.
{{#rendered}} {{/rendered}}CORONAVIRUS COULD DRAG US ECONOMY INTO RECESSION: JANET YELLEN
“We could see a significant impact on Europe, which has been weak to start with, and it’s just conceivable that it could throw the United States into a recession,” Yellen said Wednesday at an event held by the Brookings Institution in Michigan, according to Bloomberg News.
Payne responded that “any” economist” would agree that there is a “chance” a recession is possible amid the coronavirus outbreak. Payne proceeded to respond to Yellen by stating that the economic impact depended on the severity of the outbreak.
{{#rendered}} {{/rendered}}CLICK HERE FOR COMPLETE CORONAVIRUS COVERAGE
“If it doesn’t hit in a substantial way in the United States, that’s less likely," Yellen said. "We had a pretty solid outlook before this happened -- and there is some risk, but basically I think the U.S. outlook looks pretty good.”
“Her final word was ‘I think the U.S. outlook is good.’ No one is running that [part of the quote],” Payne said, pointing out that media outlets are leaving out the possibility of a U.S. rebound in the stock market.
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The virus, which causes a disease called COVID-19, has killed close to 3,000 people, with more than 80,000 cases reported worldwide, mostly in China. So far, there have been a total of 60 confirmed cases of coronavirus in the U.S. That figure includes individuals who have been repatriated to the country.
“People are afraid. If you go to the malls and they are half empty, this is true, earnings are going to go down, they won’t even be flat. My biggest concern is how it’s being reported,” Payne said.
{{#rendered}} {{/rendered}}Fox News' Megan Henney contributed to this report.