Press "Enter" to skip to content

Dow plunges 1,191 points to record its biggest pne-day point drop in history

Rising anxiety over the global coronavirus outbreak pushed the stock market into a new zone of fear Thursday.

After falling sharply all week, the Dow Jones industrial average tumbled another 1,190.95 points to close at 25,766.64 — its worst one-day point drop in history.

Mounting worries that the virus could spread in the U.S. rattled investors as the number of worldwide cases topped 82,000. Thursday’s losses put the blue-chip average into a correction – a decline of 10% from a recent high – for the first time since December 2018.

The sharp declines have wiped out the Dow’s gains for the year and trillions of dollars from investors’ portfolios in a matter of days.

“We’re in a free fall,” says Charles Lemonides, portfolio manager at ValueWorks. “This is the sharpest drop we’ve seen in a very long time and I don’t know how much longer this could go. It’s almost impossible to position your portfolio for this for the next several weeks. You’d be taking ridiculous chances.”

Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *