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S&P 500 falls 20% from record high, crossing bear market threshold

Published 03/11/2020, 03:16 PM
Updated 03/11/2020, 03:16 PM
© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, New York

(Reuters) - The S&P 500 (SPX) on Wednesday fell 20% below its Feb. 19 intraday record high, crossing the threshold into a bear market after the World Health Organization classified the coronavirus outbreak as a pandemic.

Earlier in the session the Dow Jones Industrial Average (DJI) also dipped 20% below its intraday record high reached on Feb. 12. To confirm a bear market the averages would need to close 20 percent below their record closing highs.

Based on the latest available data, the Dow Jones Industrial Average (DJI) fell 1,594.85 points, or 6.37%, to 23,423.31, the S&P 500 (SPX) lost 164.5 points, or 5.71%, to 2,717.73 and the Nasdaq Composite (IXIC) dropped 457.12 points, or 5.48%, to 7,887.13.

Latest comments

Breaking News: This just in: Your 401K is in the hands of babies.
Wall Street Tumbles Because Trump Farted. There I fixed your headline
aren't you the Einstein, where did you get your brains??
these wll street guys are worst than the worst wife on the planet. always overreacting and always complaining.
Trump's in control,SNAFU.
Buying C and GS today
if in next couple weeks the market like this, most of investors will withdraw and leave out..lol
This market behavior is like that of a bunch of brats who didn't get their way.
LOL, the whole thing is a bot puppet play called BernieSanders' initials
Lower interest rates = refinancing =more money in consumers pockets to buy other things.
banks will raise lending restrictions/requirements as they really don't want to lend at these levels
already happening.
happening at my employer too
Cheaper oil means cheaper gas and more money in consumers pockets to buy other things.
cheaper oil means massive layoff in the oil industry , and the chain reaction down to retail, restaurant and hotel near the oil field
Cheaper oil mean producers are operating at a significant loss because American producers can't make a profit if oil is under $70 a barrel. Approximately 10% of business loans in US in oil production and peripheral business meaning 10% of all business loans are going to default. This is not good for the economy, workers whose jobs are relent on anything tied to oil, liquidity in the banking system or the consumer in general. Anybody in there McFly???
Biden curse
And as of just a few months ago, the so called “experts” were advising investors that the 60/40 portfolio was dead, and was a portfolio of the past and that everyone should be invested in at least 80% stocks. Good job Einsteins!
lets be fair few months ago there was no coronavirus.
They're playing up-and-down until one day someone will decide it's Spring and viruses die out, markets back to normal and life goes on (if you didn't lose all your money in the retarded up-and-down game).
The daily chart for any major index doesn't look too up and down in my opinion.
This title is misleadong. I wanted to know how stimulus combats the spread of the virus. Does it die in the presence of money?
virus will be too busy counting money like bankers instead of attacking your cells
Funny U R
it must! so print more!!
Didn't they find it yesterday?
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