NEW YORK (AP)– The intensifying coronavirus emergency situation Thursday sent out stocks to their worst losses since the Black Monday crash of 1987, extending a sell-off that has actually now erased most of Wall Street’s big run-up because President Donald Trump‘s election.
The S&P 500 plunged 9.5%, for an overall drop of 26.7%from its all-time high, set simply last month. The Dow Jones Industrial Average sank 10%for its worst day because a nearly 23%drop on Oct. 19,1987
European markets lost 12%in among their worst days ever, even after the European Central Bank promised to buy more bonds and offer more help for the economy.
The heavy losses came amidst a waterfall of cancellations and shutdowns around the world– including Trump’s suspension of the majority of travel to the U.S. from Europe– and increasing worries that the White Home and other authorities all over the world can’t or will not counter the economic damage from the coronavirus pandemic any time soon.
” The news simply continues to get even worse, and the travel ban puts an exclamation point on the weakness we’re going to see in worldwide GDP and, in turn, the U.S.,” stated Liz Ann Sonders, chief financial investment strategist at Charles Schwab. Each day the news does not get much better, it gets worse.
Stocks fell so fast on Wall Street at the opening bell that they activated an automated, 15- minute trading halt for the 2nd time today. The so-called circuit