Dow drops 1,300 points, S&P 500 loses 5% as coronavirus market sell-off reaches new low
Stocks tumbled on Wednesday, reaching a new coronavirus crisis low as investors worried about the economic damage from the pandemic.
The Dow Jones Industrial Average dropped 2,051 points, or 9.6%. The S&P 500 was down 7.56% and traded more than 30% below a record set last month. The broad index also broke below its 2,351, its closing low during the Christmas 2018 sell-off. The Nasdaq Composite slid 6.3%. Virtually no market was safe from the selling wave, with crude prices having their third-worst decline on record, down more than 24%.
Stocks came off their lows after the Senate obtained the votes to pass a coronavirus relief plan to expand paid leave.
Echoing concerns of the about the economic impact of the virus, billionaire investor Bill Ackman said the best remedy for the market downturn and the outbreak in the U.S. is for President Donald Trump to shut down the country …continued
[Source: CNBC News]