Stocks took another beating on Thursday (March 12) as the Dow Jones Industrial Average lost 2,352.27 points, closing down nearly ten percent at 21,200. The S&P 500 was down 230 points while the Nasdaq finished the day down by 656 points.
It was the worst day for the Dow since the Black Monday crash in 1987 when the index lost 22% of its value.
Stocks started the day in the red, and trading was halted for the second time this week when the S&P 500 tripped a circuit breaker after falling by seven percent at the opening bell.
The markets continued to be rattled by the economic impact of the novel coronavirus. As the virus continues to spread, cities and states around the country are ordering the suspension of large gatherings. The NHL and NBA both announced they would be suspending their seasons, while MLB announced they will cancel spring training and delay the start of their season by at least two weeks.
“The coronavirus is scary, and people don’t know what to expect,” Kathy Entwistle, senior vice president of wealth management at UBS, told CNBC. “It’s like the tsunami is coming. We know it’s going to hit any day, and nobody knows what the outcome is going to be.”
To keep up to date on the latest news about the coronavirus and to understand what you need to stay safe and healthy, check out the Coronavirus: Fact vs Fiction podcast from CNN Chief Medical Correspondent Dr. Sanjay Gupta.
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