Press "Enter" to skip to content

Dow dives 1,400 points as WHO declares coronavirus a global pandemic

The Standard & Poor’s 500 plunged again Wednesday but narrowly avoided its first bear market since the financial crisis.

Investors use the index, a benchmark for mutual funds, to track the broader stock market. Wednesday’s rout left it down nearly 20% – almost bear territory – from its record. The broad index shed 4.9%, leaving it off about 19.2% from its Feb. 19 high. The Nasdaq Composite shed 4.7%, also off just under 20% from its record last month.

The Dow Jones industrial avergae dropped 1,464 points, entering a bear market, or a drop of 20% from its Feb.12 high. That marks its largest decline since the financial crisis.

The World Health Organization declared the virus a global pandemic Wednesday as the number of confirmed cases exceeded 121,000. Countries are shifting into damage-control as infections spread, prompting sweeping controls on travel, closures of schools and cancellations or postponements of sports events and many other public activities. 

Source link

Be First to Comment

Leave a Reply

Your email address will not be published.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