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Dow plunges 1,100 points, bringing its decline from a record high to more than 10%
It certainly looks as though Trump's 'no worries' press conference achieved it's desired effect. :roll: Putting Vice President Butt Boy Pence in charge went long way in inspiring confidence too it would appear. Let us pray.
Stocks fell sharply in volatile trading Thursday as investors worried the coronavirus may be spreading in the U.S. A slew of corporate and analyst warnings on the virus dragged down the major averages, tipping them into correction territory.
The Dow Jones Industrial Average plummeted 1,190.95 points, or 4.4%, to close at 25,766.64. The S&P 500 slid 4.4% to 2,978.76 while the Nasdaq Composite dropped 4.6% to 8,566.48. The Dow had its worst day since February 2018 while the Nasdaq and S&P 500 posted its biggest one-day loss since August 2011.
It was also the Dow’s biggest one-day point decline in history, surpassing Monday’s 1,031-point drop. The S&P 500 also closed below 3,000 for the first time since last October.
“We’re extremely cautious in the short term,” said Tom Hainlin, global investment strategist at Ascent Private Capital Management. “No one really seems to be an expert on the coronavirus. We haven’t seen anything like this really in our investing lifetimes.”
Thursday’s losses put the Dow, S&P 500 and Nasdaq in correction territory, which is defined on Wall Street as down more than 10% from their a recent high. It took the Dow just 10 sessions to tumble from its all-time high into a correction. The S&P 500 and Nasdaq set record highs last week. The Dow now sits more than 12% below its all-time high.
The Dow and S&P 500 were also on pace for their worst weekly performance since 2008. Through Thursday’s close, the Dow was down more than 11% week to date while the S&P 500 had lost 10.8%...
President Donald Trump tried to assuage concerns over the outbreak on Wednesday night. At a White House news conference, he said the risk of coronavirus to people in the U.S. is still “very low” but added that the U.S. is going to “spend whatever’s appropriate.” Trump also put Vice President Mike Pence in charge of the U.S. response to the coronavirus and said markets should soon recover.
But worries over how the coronavirus will impact corporate profits and global economic growth overwhelmed the president’s assurances. The stock market has been under pressure all week as the number of confirmed cases increased outside of China. South Korea has confirmed a total of more than 1,700 cases. More than 600 people have contracted the virus in Italy.
It certainly looks as though Trump's 'no worries' press conference achieved it's desired effect. :roll: Putting Vice President Butt Boy Pence in charge went long way in inspiring confidence too it would appear. Let us pray.