Mnuchin promises to use 'all of our tools' amid coronavirus outbreak

Mnuchin promises to use 'all of our tools' amid coronavirus outbreak

During a news conference Monday night, U.S. Secretary of the Treasury Steve Mnuchin promised that the U.S. "will use all of our tools" to fight the economic effects of the coronavirus.

The Trump administration scrambled on Monday to assure Americans it was responding to a growing coronavirus outbreak as stock markets plunged and top health officials urged some people to avoid cruise ships, air travel and big public gatherings.

As worries over the virus deepened, the Dow fell a record 2,000 points when trading opened and the S&P 500 posted its largest single-day percentage drop since December 2008, the depths of the financial crisis.

A plunge in oil prices contributed to fears of a looming recession.