The stock market has been in free fall for months, following a record-breaking disaster at a Mississippi cruise liner that left at least five people dead and at least 30 others injured.
The ship, the Mississippi Princess, had been due to leave from Port St Lucie in Florida and was on its way to San Diego when it exploded on Friday.
The cruise line had said it was under the weather, but the cruise line’s chairman said the ship was not safe.
Mr Stroup said the company was working closely with the US government to get to the bottom of the disaster and was working with the Federal Aviation Administration and the US Coast Guard to help with rescue efforts.
He said the cruise ship was scheduled to leave on Monday, and the crew would be on board until then.
“This tragedy has taken the lives of a lot of people,” he said.
The disaster came as the market was also under heavy pressure after a deadly crash on the Titanic off the coast of North America.
The Titanic disaster killed more than 3,000 people and injured more than 5,000 more in 1912.
The Mississippi Princess suffered more than 10,000 fatalities.
Mr Stock said the stock market was down 4.5 per cent on Friday morning, to $6.29.
“That’s not a good day for us, not a very good day,” he added.
The stock markets were not expected to rebound until the middle of next week, and that was when the market would have been at its peak.
“The next day we should see a correction, but we haven’t seen it yet,” he told ABC News.