( Reuters) – The Dow Jones Industrials index was on course for its worst day since 1987 as President Donald Trump’s sweeping relocate to limit travel from Europe contributed to growing signs of corporate distress in the face of the coronavirus pandemic.
Traders deal with the flooring of the New York Stock Exchange (NYSE) in New York City, U.S., March 12,2020 REUTERS/Brendan McDermid
Airline stocks.SPCOMAIR tanked 14.4%, while cruise liners plunged in between 17%and 23%, as the 30- day take a trip suspension from Europe worsened the outlook for a sector already reeling under company travel and holiday cancellations.
Boeing fell another 13%as J.P.Morgan deserted its long-lasting buy suggestion on the planemaker’s shares, a day after the business indicated major cutbacks and made use of a large portion of extra reserve money.
The stock, one of Wall Street’s most influential, has lost nearly 40%this week alone and the company’s current actions are symbolic of significant U.S. corporation