Stocks plunge after being halted for trading

Dow plunges 800 points, enters correction on coronavirus fears

[ad_1]

The Standard and Poor’s 500 slid into bear territory Thursday for the first time since the financial crisis 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.

The S&P 500 fell 7% shortly after the opening bell, triggering an automatic shock absorber for 15 minutes. The index extended losses after trading resumed, sliding 8%. It would need to drop 13% to trigger a second trading halt. 

The broader index, which professional investors watch more closely, fell into a bear market, or a drop of 20% from its peak, which puts it on track to end the longest bull market in Wall Street history. The Dow Jones industrial average fell into bear market territory Wednesday.

The Dow cratered nearly 1,700 points Thursday 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. The Nasdaq Composite shed 7%, also joining the other indexes in bear territory. 

Coronavirus:Dow drops into bear territory for the first time since the financial crisis

European travel ban:Economy, stock markets look even shakier after Trump announces European travel ban

[ad_2]

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.