Stock market plunge escalates, S&P 500 enters bear

The Dow and S&P are in or near bear markets: Here's what that means

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The bad news just got worse on Wall Street Thursday.

Propelled by fears of the coronavirus, stock losses steepened. The Standard & Poor’s 500 entered a bear market for the first time since the financial crisis and the Dow endured its biggest one-day percentage drop since the 1987 crash.

Adding to the sense of anxiety was the Fed, which only briefly slowed the market’s slide when it injected trillions of dollars into the financial system.

The S&P 500 dropped 9.5% to close at 2,480.64, the day after President Donald Trump banned travel from Europe to stem the economic fallout from the virus. A series of distressing headlines followed late Wednesday and Thursday. The NBA and NHL suspended their seasons. The MLB delayed opening day. New York state, meanwhile, will ban events of 500 people or more and impose restrictions on other gathering venues.

The U.S. death toll was at 39 Thursday afternoon; there are more than 1,323 confirmed cases. 

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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.