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Stocks - Dow Plunges 3,000 Points, Trump Says Virus Could Last Until August

Published 03/16/2020, 04:03 PM
Updated 03/16/2020, 04:14 PM
© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow suffered its biggest one-day points plunge ever on Monday and the second-biggest percentage drop as a wave of late selling hit Wall Street after President Donald Trump said the worst of the outbreak could last through the summer and that it was not currently under control.

The Dow Jones Industrial Average fell 12.97%, or 2,997.10 points. The S&P 500 lost 11.98%, and Nasdaq Composite lost 12.32%.

In a blow to hopes the Covid-19 pandemic could be contained sooner rather than later, Trump suggested it could continue into July or August. The president also urged Americans to avoid traveling and gathering in public spaces.

Real Estate and energy led the sea of the red on Wall Street, with latter paced by a 9.5% drop in oil prices on fears of a prolonged slump in travel demand amid the virus outbreak.

Airlines, meanwhile, were given a boost after Trump vowed to "backstop airlines 100%," at a time when the industry has come under siege as travel demand continues to drop.

United Airlines (NASDAQ:UAL) and Delta Air Lines (NYSE:DAL) fell 15% and 6.7% respectively, while American Airlines (NASDAQ:AAL) surged 11.2%.

Financials were also among the biggest decliners, led by Wall Street banks, several of which detailed plans to scrap share buybacks in order to maintain sufficient capital to keep credit lines open to customers.

Several banks, including Bank of America (NYSE:BAC), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS), temporarily halted buybacks for the remainder of the first quarter and the second quarter of 2020.

In tech, meanwhile, Apple (NASDAQ:AAPL) fell 13% after the iPhone maker said it would close all of its stores outside of China for the next two weeks to contain the spread of the coronavirus and was hit with a record $1.2 billion fine by French antitrust authorities. Apple and two suppliers were found to have agreed not to compete on prices and distribution.

Latest comments

I guess today, DOW goes under 20,000, anyway it's a matter of time, but don't know where is bottom, it could be 17,000? 16,000? I wonder...
My bet is that the virus will be with us well past August
STOP LISTENING TO STUPID POLITICIANS and to DT who is trying to manipulate the market for his own good, reduce interest for his own real estate debt and scaremonger gullible people to attract attention for his weak ego. -- Rather watch the video link, then scroll down the page to the 3rd movie clip from the top as it explains really well as spoken by an infectious disease specialist what is involved, and which products sold in stores do a good job of cleaning any surfaces .. (Watch the 3rd movie from the top of the following link) -- Return home while you can -- Ottawa tells Canadians as COVID-19 continues to spread   https://www.msn.com/en-ca/news/canada/return-home-while-you-can-ottawa-tells-canadians-as-covid-19-continues-to-spread/ar-BB11bEse?li=AAggNb9   Not sure to trust the gov't when they downplay masks and gloves. The Disease expert is fully gloved, and she speaks dis-reality about 2-meter distance in the subway.
Dow futures gain 700 by technical rebound, and stock power to another sharp drop.
Shut down will be the complete destruction of US and that very very fast. No National Guard will be able to handle that situation.
This is fake buy stocks now or kick yourself later
There is no food in the stores
Until August? Didn't they say the vaccine was still about a year away?
The dolt is making it up as he goes. Also, he means August, 2024
black swan
When this outbreak would die down? It depends on how strictly and swiftly the society as a whole to isolate or stop the spread. Todays measures are surely and obviously not strict, complete and swift enough, I guess the people in charge of this fight were aware of the insufficiency, therefore we heard of the ending might be around July or Aug, surprisingly for 5 months, much longer than most people might think.
how can it last until august, IF IT'S ALREADY DYING IN CHINA AND KOREA????? and in next 2-3 weeks amount of infected will start to DECLINE IN EUROPE!!!! Unless CIA will start to pull another rabbits from hat, like they did with "drone attacks" few months ago in oil market!
It’s dying in China because they are an autoritarian dictatorship that has control over the people. Ringfencing a city the size of NYC (as China did) is something the US is incapable of, especially when the dolt in the WH dismisses is as a hoax.
the bottom line here is as cases pop up closentomeachnof our homes 10 to 100 more might be unknown 80 percnet of which will go down as did I have a cold maybe allergies, as people never realize they had and spread this to people who have less resilience.
all viruses are good. they are dead. hijackers, but "all"virus is non-contagious. only way to contract is through injected animal-hybrid tissue. so dont get the vaccine or your cutting your own throat
All you libs said it was Obama’s economy a couple weeks ago but now its all Trump’s lol. If he wins in November I cant wait for the excuses!
People are not panic, they are actually complacent or helpless, due to delaying or insufficient reaction from government. Today we should instead implement absolute social distancing. Any social gatherings not for fighting the virus should be prohibited, except for some essential/defined society functioning. 10 or less persons social gathering should not be allowed.
Long road that has no turning, I've never seen anything like this. We, the north in Canada are ready to stand with our southern neighbours. This will pass, in time – and the market will continue to get stronger. Good luck to Moderna with the first testing
its amazing how quickly society panics..... people run and hide in fear and trembling.....where is the courage and self confidence American people claim only they have?
Just look at the comments here. Scared little children produced in the lab of higher education. The real world is too much for them. But thanks for all the ivy money from dad i enjoy taking it from you.
This is all one big theatre. Keep buying cheap stocks. People and business will never die, first make them hungry and then harvest. This repeats in cycles as always...
it's good for them
whenever he talks Dow drops 1000. I could swear he said it was all a hoax and risk is very low.
I been shorting Nasdaq. Good money. I like him talking ******about market and virus
Russia has shorted the market
You guys need to relax... how much further can it fall? At this point, it is all buy buy buy and by year end, we probably have a big rally to finished 20% up for the year.
So what are you buying now ??? Plz. you probably dont have 2 cents to rub together.
How long will that take is the question because I've what happens when good news comes in during this time. Things jump up real quick to big points in one day.
No let it keep crashing
Btfd!
Where are we heading now? In the Book of Daniel, we read, "At the appointed time (he) will return back." (11:29a) The return of Russia in this context also means crisis, which will eclipse the Great Depression. Not only the eurozone will break up, but also the European Union and NATO. Then, also, many countries of the former Eastern block will return to a military alliance with Russia. This will be the last sign of warning before the global nuclear war. (Daniel 11:29b, 30a; Numbers 24:23, 24; Luke 21:10, 11; Revelation 6:4)
You have really good ***I see
Whos Virus ? Try shifting the blame on that one ?!
America's smarter brother, Canada, has a video in the following link that will help ppl calm down. (Watch the 3rd movie from the top of the link) -- Return home while you can -- Ottawa tells Canadians as COVID-19 continues to spread https://www.msn.com/en-ca/news/canada/return-home-while-you-can-ottawa-tells-canadians-as-covid-19-continues-to-spread/ar-BB11bEse?li=AAggNb9   Not sure to trust the gov't when they downplay masks and gloves. The Disease expert is fully gloved, and she speaks dis-reality about 2-meter distance in the subway.
newsnow .com will give you a free live feed of news check it out will check your link out thanks.
 it is my go to for COVID news.  BBC is acting like FOX news  last night i was watching for an hour, they listed all of Europe covid positive and deaths except their own.
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