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Dow Enters Bear Market as Coronavirus Jitters Trigger Bloodbath

Published 03/11/2020, 12:43 PM
Updated 03/11/2020, 02:28 PM
© Reuters.

By Yasin Ebrahim 

Investing.com – U.S. stocks extended losses Wednesday, pushing the Dow into bear-market territory on signs the novel coronavirus is gathering pace in the U.S. after both Washington and San Francisco banned large gatherings to curb the virus outbreak, which has become a pandemic according to the World Health Organization.  

The S&P 500 slipped 4.97%, Nasdaq Composite lost 4.78% and the Dow Jones Industrial Average fell 5.55%, or nearly 1,400 points, taking its losses to 20% from all-time highs. 

Boeing (NYSE:BA) was a big drag on the blue-chip index, falling 15% on reports its would tap its entire loan facility of $13.8 billion. Its declines accounted for about 240 points off the Dow.

After weeks of downplaying the potential effects of the virus, President Donald Trump has called an emerging meeting of top U.S. health officials.

Washington state Gov. Jay Inslee placed a ban on large gatherings in several counties across the state to limit the spread of Covid-19.. San Francisco health officials, meanwhile, announced that they are also banning gatherings of 1,000 or more to contain the virus.

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

Investor hopes of U.S. stimulus measures to boost economic growth, meanwhile, were given a boost amid reports that White House is in favor of declaring a national disaster under the Stafford Act to free up to $40 billion in immediate aid, Politico reported. 

Trump a day earlier floated the idea of temporarily suspending payroll taxes to cushion the economic blow from the virus outbreak. 

 

Latest comments

guy on picture
hey
post something with word v and this people won't allow it
2020 the millennium depression
Azam is right this market have to be stopped course some of we are afraid of going to school because of this virus
Amazingly, no matter how much money you throw at it, there are some things that money cannot fix.
This market should be stopped because people think corona is end of the world and all of us will die from it rather than use preventive measures
moderators: I'm just stating FACTs Compare this to the 2009 H1N1 swine flu that appeared in the US and confirmed by CDC in April 17 2009... WHO declared pandemic on June 11, 2009 and a couple of weeks later on June 25, 2009, CDC confirmed 27,717  laboratory-confirmed cases. The first covid-nineteen case in the US was on Jan 21, and Mar 11 we barely crossed the 1,000 case mark? The influenza infects more people and we have flu shots!
Trump should close markets for 5 days till this frenzy stops and saner minds prevail
It was bound to happen, even at current levels the stock market is over valued
And then what? Open up in 5 days with 15% gap up or down? That would be insane...
hey, you'd be a Nobel economist in your home country Venezuela
If the breaker trips after 3:25pm EST it will be free fall
Media is responsible forthis non-sense
No I think maybe it's the virus.
Nonsense? Death toll in Italy grows exponentially. Doubles every 2 days, grows 10x every week or so. Without serious lock down (like in Italy or earlier in China) or extremely vigilant testing (Korea, Japan) this thing running freely can ********5—10 % of a population...
my friend in Milan good health and now 40yrs old is in intensive therapy. this is not flu
rebound gonna be epic
Dead cat bounce is unlikely to be epic...
sure, except wait 9 months
well the living will find out
and tomorrow the banker wants the market back to bullish...lol
Is it actually happening? I sure hope so. Its truly a beautiful sight to behold watching the markets crash and burn after so many years of fed manipulation. The level of greed over the last several years has been astounding... I hope you prepared your portfolios for this inevitability!
you must have a ******lose why would you want the market to crash you probably do not have a pot to ******* in
No screws loose, and my pot is large and plentiful. I do, however, have the ability to recognize an overvalued and manipulated market whose time is up, and the ability to position my assets appropriately. My hope is for the market to snap like a rubber band back down to realistic valuations.
they're called options....put options...make u rich tomorrow.
HOW CAN A FLUE LIKE VIRUS ***THE US ECONOMY? THE GIANT IS FRAGILE.... New powers will emerge! The Chinese are coming...
China is allready number one
This table shows the percent increase of new cases over existing cases in South Korea (i.e., day's new cases / total cases), from data reported on 2/28 up until data reported yesterday, 3/10.  If you're not familiar with this, you're not familiar with what's happening with the coronavirus.  Don't read the mass media because, as usual, they don't know what they're talking about.   The raw data is available here:  https://github.com/CSSEGISandData/COVID-19/tree/master/csse_covid_19_data/csse_covid_19_daily_reports Keep in mind that these percentages are decreasing even with the denominator increasing: 2/28/2020    32.3% 2/29/2020    34.8% 3/1/2020      18.6% 3/2/2020      16.0% 3/3/2020      19.6% 3/4/2020       8.4% 3/5/2020       8.3% 3/6/2020       8.3% 3/7/2020       6.8% 3/8/2020       3.9% 3/9/2020       2.2% 3/10/2020     0.5%
Gee, wonder if crazy NY Governor Cuomo  WALLING OFF the city of New Rochelle with the NATIONAL GUARD has anything to do with the irrational TERROR that's engulfing everyone. Anybody notice the trend of new cases in South Korea?  That's right, it's going down.
The socialist dictatorship of NY is just following communist China's lead and putting everyone on lockdown!
DOW 18000
Why 18k? Why not 15k?
 be more open my friend, 8k in one year.
Hang onto your cash till April to buy the real dip
dude stop touching your face already
Trump Derangement Syndrome is the real pandemic and a threat to the safety and well being of all mankind. We need more re-education camps and troops to force those people into quaranteen camps for the next 75 years.
seek China compensate for virus damage
Pandemic, did not surprise me at all. I suspected this would happen in the beginning of February. Even some money managers were surprised that the markets were going up with what was going on with what was happening with Corona Virus, and stated that this attitude will only lead us all over a cliff. That was even reported here. There is no surprise that I can see.
buying the dip had become the mantra. it worked, until it killed them.
 Sounds about right to me!!!!!
And where are the Co-Diagnostics test kits? They are the best ones. Each kit can process 48 samples at a time. Results in 90 minutes.
If you have symptoms call your doctor.  S/he will send you for a free test if s/he believes you require one.
A well orchestrated "perfect storm"
what does that mean?
I posted that in one Chinese forum on 17th, Jan, no one believed that, lmao.
Another label. No realsolution. Great job everyone.
Call Trump and tell him firmly he can fix all his problems if he he just listens to people who make political comments on an investment app
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