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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 1,190.95 points to close at 25,766.64 – its worst one-day point drop in history.

Mounting worries about the virus spreading in the USA 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 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.”

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