Wall Street’s sell-off sidelines Fed's move to calm markets
A pedestrian walks past the New York Stock Exchange in New York City, the US. Picture: JEENAH MOON/AFP
President Donald Trump's Europe travel ban, announced late Wednesday, sent all three major US stock indexes into a tailspin, with the S&P 500 and the Nasdaq confirming their first bear market since the financial crisis.The benchmark S&P 500 and the Nasdaq have lost over a quarter of their value since reaching record closing highs just 16 sessions ago, as nations around the world grapple with how to contain the fast-moving coronavirus and its economic effects.
On Wall Street, airlines plummeted 19.6%. Boeing fell another 18.1% as JPMorgan abandoned its long-term backing for the company's shares, setting the aircraft maker on course for its worst week ever. Interest rate-sensitive bank shares dropped 10.5%, while corporate credit worries hit bond fund prices as companies began to draw on credit lines.
In Brazil, the Sao Paulo stock exchange closed down 14.78% on Thursday, its worst day in a terrible week as Brazil struggled to deal with a market rout caused by the fallout of the new coronavirus pandemic.
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