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S&P Slumps 5% as Selloff Intensifies

Published 03/11/2020, 03:03 PM
Updated 03/11/2020, 03:06 PM
© Reuters.

By Yasin Ebrahim 

Investing.com – The S&P fell 5% as hopes of stimulus efforts were overshadowed by fears the spread of the coronavirus is far from over and its impact on the global economy could be worse than feared.

The S&P 500 slipped 5.03% the Nasdaq Composite lost 4.82% and the Dow Jones Industrial Average fell 5.71%, entering bear-market territory.

"In the days and weeks ahead, we expect to see the number of cases, the number of deaths and the number of affected countries to climb even higher," WHO Director-General Dr. Tedros Adhanom Ghebreyesus said at a press conference on Wednesday.

The World Health Organization declared Covid-19 a global pandemic as the virus has spread globally, with infections now topping 120,000 as the spread has gathered pace outside of China.

Coronavirus cases in Italy have jumped to 12,462 from 10,149 in a day and deaths have risen to 827 from 631.

Latest comments

Dome of you here are wrong. The WHO said we should thank China for the strict containment. The WHO already said China did a very good job. You guys are not the WHO member, so please keep the blame to yourself. The WHO is a respectable organization.
Ok Mr. Wong. Let us not forget that this outbreak wouldn’t have even happened had China not been selling diseased animals in the markets of Wuhan.
"Fears the spread is far from over", yet South Korea has had tremendous success in decreasing its number of new cases.  From a high of 851 new cases reported on 3/3, on 3/10 S. Korea reported only 35 new cases -  A DROP OF 96% over one week. Why isn't THIS being reported anywhere?   And somehow, we're supposed to believe that the "reporting" on this issue is being done by "objective" people, looking for the "truth", who are not "insane" with blind hatred for certain people?
Because they are testing 10,000 people a day and have been for weeks. We have not tested 10,000 people in total; there aren't 10,000 COVID 19 test in this country to administer. That's why it isn't being mentioned our government's response has been a total bed shatting
Good buy op on stocks. Been buying up some high flyers that got pounded.
Which?
Manipulation and masking, virus as the perfect excuse to generate panic and push down prices...
The WHO said it is now a pandemic. The WHO thinks other nations need to follow Chinalike containment and take this seriously. China took a hit but now they are on recovery already.
Big deal. On Jan 30th the WHO said:  "there is no reason for measures that unnecessarily interfere with international travel and trade. WHO doesn’t recommend limiting trade and movement." And TODAY they declare a "pandemic", after it's been clear for the last two weeks or so to everybody else on the planet that's what it was? The WHO is a joke.
it is not surprised by the crash given everyone knew the bubble was too big
The virus spread deacys exponentially. China reported its lowest number of new coronavirus cases since the outbreak began as other countries struggle to contain the spread. It is only a matter of one month of caution.
And also -  South Korea's numbers are WAY down over the last week.  (But nobody bothers to notice, somehow.) From a high of 851 new cases reported on 3/3,  S. Korea reported only 35 new cases on 3/10 -  A DROP OF 96% over one week.
Pure market manipulation. Virus peaked in China in a month and pretty much over there already.
check what China did to contain it, and look at what US is doing.
In China they took action by massive testing, quarantines, and forcing people to stay home, in effect shutting down industry. The majority of the rest of the world including the US has done next to nothing to stop the spread of the virus. The time it took the virus to peak in China has nothing to do with whats happening elsewhere.
what did south korea do? anything US and Europe can copy?
The Democrat Congress is refusing to go along with tax cuts. That's how big a "CRISIS" they think this is.
cant rule out some democrats cheering this on to ruin the economy for Trump
Where's the money going to..?
Ok👍
It should be going into gold.
 gold fell equally
you mean> we bloomberg were lying to all of you. We knew all the time
Hello, How you already knew?
sure I did only dummies do not see chinese ports empty and virus reports
New recession
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