Wall Street suffered brutal losses on Thursday, with the Dow Jones Industrial Average swinging wildly through more than 1,000 points before closing with a loss of 1,190 points. It marks the worst week for the blue-chip index since the financial crisis.
The Dow has now lost 3,200 points this week, or 10 percent, including a decline of 1,031 points on Tuesday and 879 points on Wednesday.
The S&P 500 fell by 4.4 percent and the Nasdaq Composite was down by around 4.6 percent, putting all three major indices in correction, or a drop of 10 percent from the 52-week high. Transport-related stocks, tech stocks, and the energy sector all took the heaviest hits, as fears spread that the coronavirus epidemic would strangle global movement.
Thursday’s rollercoaster ride started even before the opening bell, with Dow futures trading down almost 400 points after the Centers for Disease Control confirmed a case of coronavirus in Sacramento County, California. The patient had not traveled to virus-infected areas and was not exposed to anyone who had the virus, the CDC said.