Dow Enters Bear Market as Coronavirus Jitters Trigger Bloodbath - Investing.com

© 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 slipped 4.97%, lost 4.78% and the fell 5.55%, or nearly 1,400 points, taking its losses to 20% from all-time highs. 

Boeing (NYSE:) 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. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let's block ads! (Why?)

Business - Latest - Google News
March 12, 2020 at 02:28AM
https://ift.tt/3cRwPtH

Dow Enters Bear Market as Coronavirus Jitters Trigger Bloodbath - Investing.com
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini