All three of the major averages tumbled into a bear market Wednesday, down 20 percent from their February peaks, after the World Health Organization declared the new coronavirus outbreak a pandemic and Congress wrangled over an economic stimulus plan.
The Dow, which fell by as many as 1,689.84 points, was the only index to close in bear-market territory as the S&P 500 and Nasdaq bounced off their worst levels of the session.
For the session, the Dow lost 1,464.67 points, or 5.9 percent, while the S&P and Nasdaq Composite were down 4.9 percet and 4.7 percent, respectively.
“Logic would probably dictate just to get out of the way and let the tanks roll down the field, and stay in your fox hole and not stick your head up because there is no question that cash is king,” Ted Weisberg, president of Seaport Securities, told FOX Business’ Liz Claman from the floor of the New York Stock Exchange. “But if you’re long stocks and own good stocks, you just kind of have to hunker down and wait for the dust to settle.”