Dow drops again, continuing a wild week on Wall Street
Stocks plunged on Thursday, erasing most of the gains in the previous session, as markets remained highly volatile in the face of the fast-spreading coronavirus.
The Dow Jones Industrial Average dropped 964 points, or 3.5%, in afternoon trading after tanking as much as 1,033 points at one point. The S&P 500 dropped 3.4% and the Nasdaq Composite fell 3%. Stocks hit their session lows as the rate on the 10-year Treasury note fell to an all-time low below 0.9%. All 11 S&P sectors and all 30 stocks in the Dow were in the red.
Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions. California declared a state of emergency after a coronavirus-related death and 53 confirmed cases in the state. The number of infections in New York also doubled overnight to 22 as the state ramps up its testing.
The majority of this is just growing concern about the fallout from the virus because its spreading, said Tom Essaye, founder of the Sevens Report. For every hour, another group of people have it and its in another state. People are getting a bit nervous about this constant barrage of headlines.
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