BREAKING: Dow Jones plummets nearly 1,200 points, more than 4%, as economic uncertainty over the spread of the novel coronavirus continued to rattle markets.
3 min readThe Dow Jones Industrial Average plummeted 1,190 points, more than 4%, on Thursday as economic uncertainty over the spread of the novel coronavirus continued to rattle markets.
The losses mark the worse week for U.S. stocks since the financial crash of 2008. The S&P 500 and Nasdaq each also plunged by more than 4%.community spread of coronavirus in the U.S."Markets move sharply when fear and uncertainty are prevalent, and there is plenty of both right now," Greg McBride, the chief financial analyst for Bankrate.com, said in a statement in response to Thursday's market drops.
McBride added that"investors should maintain a long-term focus and refrain from making decisions with long-term financial ramifications based on short-term volatility." "Friday is payday for many Americans. This week’s 401k contribution will get you a 'sale price' instead of the 'full price' retirement savers were paying just one paycheck ago," McBride said."Economic uncertainty is a reminder to pad your emergency savings just in case. If you feel the need to do something, do that. But leave the retirement account alone."
The Dow's worst performer on Thursday was Microsoft, which fell 7%. The company announced late Wednesday COVID-19-related supply chain disruptions would affect projected revenues tied to the company's personal computing division.Among the other worst performers were Dow Inc., Apple, Intel Corp. and Exxon Mobil Corp., all of which fell by more than 6%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Markets On Pace For Worst Week Since 2008 Crisis Due To Coronavirus PanicAll three indexes entered corrections territory Thursday.
Read more »
POLITICO Playbook PM: That 2008 feelingAnd Joe Biden holds a commanding lead in the latest South Carolina poll.
Read more »
POLITICO Playbook PM: That 2008 feelingAnd Joe Biden holds a commanding lead in the latest South Carolina poll.
Read more »
Wall Street on firm footing after virus-driven selloffU.S. stocks rose on Wednesday after a rocky start to the week that shaved off more than 6% from each of the main indexes amid fears of the economic damage from the global spread of the coronavirus
Read more »
Markets On Pace For Worst Week Since 2008 Crisis Due To Coronavirus PanicAll three indexes entered corrections territory Thursday.
Read more »
Stocks on track for worst week since financial crisisUS stocks faced another sharp selloff on Thursday as worries about coronavirus mounted, with the three main indexes briefly dragged into correction territory and on track for their worst week since the financial crisis.
Read more »