Dow plummets most since 1987 as Trump stimulus plan fails to materialize
Reuters / Brendan McDermid
- US stocks plunged on Thursday after President Trump’s Wednesday coronavirus comments failed to calm investors’ nerves, and as scant additional details were provided around a potential stimulus plan.
- Trump’s 30-day European travel ban added to trepidation as airline stocks tumbled.
- The S&P 500 and the tech-heavy Nasdaq closed in bear-market territory, down more than 20% from recent highs. The Dow Jones industrial average fell further into bear territory after closing below the threshold on Wednesday.
- Losses temporarily pared in the afternoon after the Federal Reserve announced a stimulative bond-purchase plan. They then extended to near intraday lows.
- Trading was halted market-wide within minutes after the open on Thursday due to severe selling.
- Watch major indexes update live here.
US stocks plunged deeper into the red on Thursday after President Donald Trump’s address to the nation on Wednesday night failed to calm investors’ concerns about the economic fallout from the coronavirus outbreak. Traders then spent the day waiting for concrete details around a stimulus package that never materialized.
All three major US indexes closed more than 9% lower. The S&P 500 and the tech-heavy …continued .
[Source: Business Insider]