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Global stocks drop 1,100 points as Trump fails to quell fears

U.S. stock futures were halted for trading Thursday following a steep drop after President Donald Trump banned travel from Europe to stem the economic fallout from the coronavirus, a move that threatened further disruption to the global economy.

Dow futures cratered more than 1,100 points after Trump announced in an address late Wednesday that all travel from Europe to the U.S. is banned for 30 days to limit the spread of the deadly virus. Standard & Poor’s 500 futures briefly fell 5%, triggering an automatic shock absorber for the second time this week. 

The Dow Jones industrial average fell into bear market territory Wednesday, tumbling 20% below a record high last month. The broader S&P 500, which professional investors watch more closely, is a single percentage point away from falling into its own bear market, which would end the longest bull market in Wall Street history. 

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