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Dow losses reach nearly 9%, putting it on track for worst one-day decline since 1987 crash
The S&P 500 traded down 7.9% and joined the Dow Jones Industrial Average in bear market territory. The 30-stock Dow slid more than 2,000 points, or 8.7%. It was also on pace for its biggest one-day percentage decline since 1987. The Nasdaq Composite dropped 7.8%.
Trading was halted for 15 minutes shorty after the open as an initial 7% drop triggered “circuit breakers” at the New York Stock Exchange and Nasdaq. Before the open, futures contracts tied to the major indexes fell to their so-called limit down thresholds, sliding 5%. These limit down levels act as a floor for selling until regular trading begins.
Cruise line shares dropped sharply. Royal Caribbean traded 26.6% lower while Carnival and Norwegian Cruise Line slid 19% and 27.6%, respectively. Airline shares such as United, Delta and American all fell more than 12%.
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The Cboe Volatility Index (VIX), widely considered the best fear gauge on Wall Street, jumped to more than 64 and hit its highest level since 2008.
On Wednesday, the Dow ended its historic 11-year bull market run by closing in bear-market territory. A bear market marks a 20% decline from all-time highs.
In his address, Trump announced travel from Europe will be suspended for 30 days as part of the government’s response to the coronavirus outbreak. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined.
These moves were not specific enough for investors, however, who were looking for a more robust fiscal response to curb potentially slower economic growth stemming from the coronavirus.
Read More : Gold $1580—$1585 Zone is an Important Resistance Zone
“President Trump in an extraordinary Oval Office address didn’t offer up major new ideas on stimulus and only said he’d propose a vague payroll tax holiday to Congress without strongly standing up for any firm size/magnitude,” wrote Ernie Tedeschi, policy economist for Evercore ISI, in a note. “This effectively kicks the issue to Congress which is still planning to go on recess next week.”
Also causing concern about how pervasive the virus could already be in this country was the announcement Wednesday that the National Basketball Association is suspending its season after a Utah Jazz player tested positive for coronavirus. Movie actor Tom Hanks and his wife, Rita Wilson, also said they tested positive for the coronavirus.
