Dow plunges 1,465 points into bear market as WHO declares pandemic, impatient investors await stimulus package
Bryan R Smith
- US stock indexes plunged roughly 5% lower on Wednesday as traders waited for new details on the White House’s stimulus plan in response to the coronavirus outbreak.
- Losses extended in afternoon trading after the World Health Organization declared the coronavirus a global pandemic.
- The Dow Jones industrial average’s plunge saw it close in a bear market, down 20% from recent highs. It marks the official end the longest bull market expansion in history.
- Economic-relief measures were expected to be announced Tuesday, but apart from reports of a payroll-tax cut through November, investors are in the dark about when the stimulus could arrive and what it would look like.
- The decline wiped out most gains made in Tuesday’s rebound and continued the trend of heightened market volatility amid the coronavirus outbreak and the new oil-price war.
- Watch major indexes update live here.
US stocks slid on Wednesday as investors mulled the timeline for the White House’s stimulus measures in response to the coronavirus outbreak.