Dow drops 1,300 points and is now down more than 20% from its record intraday high last month

Read more on this subject: Stock Market
News Story Source: CNBC
Stocks plummeted Wednesday in another volatile session as Wall Street grappled with the rapid spread of the coronavirus as well as uncertainty around a fiscal response to curb slower economic growth from the outbreak.

The Dow Jones Industrial Average traded more than 1,300 points lower, or 5.4%, and was 20% below its intraday high set earlier last month. A 20% decline is considered a bear market on Wall Street. However, some investors don't officially recognize a bear market until it reaches that milestone on a closing-level basis. The Dow is currently 19.98% below its closing all-time high. The S&P 500 is 19.08% from its closing record and traded 4.9% lower on the day. 

"We can see the panic in the equity market," said Jerry Braakman, chief investment officer of First American Trust. "The big question for most people is, are we at the bottom yet? I think we're only about halfway there."

The World Health Organization declared Wednesday
Read More or Make a Comment

Bookmark the permalink.

Comments are closed.