Dow plunges more than 1,400 points to close in bear market territory
The coronavirus-induced sell-off reached a new low Wednesday as Wall Street grappled with the rapid spread of the virus as well as uncertainty around a fiscal response to curb slower economic growth from the outbreak.
The Dow Jones Industrial Average tumbled 1,464 points, or nearly 5.9%. The 30-stock average closed more than 20% below its record high set last month. A 20% decline is considered a bear market on Wall Street. However, most investors don’t recognize it officially until the index does it on a closing basis. The Dow did so on Wednesday, whereas the S&P 500 finished just above that closing threshold.
The S&P 500 is more than 19% from its closing record and ended the day 4.9% lower. The Nasdaq fell 4.7% and also is about 19% below its all-time high.
“We can see the panic in the equity market,” said Jerry Braakman, an investment officer of First American Trust. “The big question for most people is, are we at the bottom yet? I think we’re only about halfway there.”
https://www.msn.com/en-us/money/markets/stocks-plunge-as-coronavirus-declared-a-pandemic/ar-BB112FMf
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