Wall Street stocks plunged on Wednesday, with the Dow confirming a bear market for the first time since the financial crisis after the WHO called coronavirus outbreak a pandemic
A bear market is confirmed when an index closes 20% or more below its most recent closing high.
“There’s just a plethora of bad news today, a growing number of people with the disease, there are different points of view in how stimulus should work, and the market is acting accordingly,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.A lack of details from the Trump administration regarding its plans for fiscal stimulus, and partisan wrangling in Washington, added further unknowns to the mix.
The Dow Jones Industrial Average is displayed after the closing bell on the floor of the New York Stock Exchange in New York City, New York, U.S., March 11, 2020. REUTERS/Andrew Kelly Stocks worldwide lost ground despite global stimulus efforts to soften the economic blow of the virus, named COVID-19, with Britain and Italy announcing war chests to contend with the growing crisis.
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