DETROIT – From the cancellation of virtually every major sporting event to more confirmed cases popping up around the country, the coronavirus pandemic has taken center stage in the United States. There’s also been a massive sell-off on Wall Street.
Wild-staggering thousand-point swings have been happening daily, and they aren’t letting up.
The predominant feeling Thursday on Wall Street is that what’s being done to stop the spread of coronavirus isn’t sitting well enough with investors.
All the indexes closed down roughly 10% -- the DOW down 2,353 points, the S&P down 260 pounds, the NASDAQ down 750 points.
Thursday marked another historic milestone as we saw the worst sell-off since Black Monday in 1987.
This is the 13th of the last 15 days in which the market closed down. It’s lost 26% in the fastest drop in history over that time. They stopped futures trading before the open and again during early morning trading.
The Federal Reserve saw it needed to move and immediately pumped an unprecedented $1 trillion into the economy, which slowed the downward spiral for a brief time. Hardest hit were the airlines, cruise industry and bank stocks.