Dow dives 1,200 points as WHO declares coronavirus a global pandemic

Dow plunges 800 points, enters correction on coronavirus fears


U.S. stocks teetered on the edge of a bear market Wednesday as worries persisted over economies reeling from the coronavirus outbreak.

The World Health Organization declared the virus a global pandemic Wednesday. 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. 

The Dow Jones industrial average dropped 1,200 points, nearly erasing Tuesday’s gains after the blue-chip average jumped 1,167 points. 

Wednesday’s rout added to recent losses and left the Standard & Poor’s 500 down nearly 20% – almost bear territory – from its record. The broad index shed 4.2%, leaving it off about 18.4% from its Feb. 19 high. The Nasdaq Composite shed 3.9%. 

Coronavirus:It may feel like 2008 all over again, but here’s how this crisis is different

How long should I keep my tax returns?:Answer: It depends

The speed of the market’s declines and the degree of its swings the last few weeks have rattled investors. It was only three weeks ago that the S&P 500 set a record high, and the Dow has had six days where it swung by 1,000 points since then. It’s done that only three other times in history.


Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.