Worthy Christian News > US News > Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since ’87

Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since ’87

Monday, March 16, 2020 | Tag Cloud Tags: coronavirus, covid-19, Federal Reserve, News, virus, Worthy News | Learn about our FREE SYNDICATION Service | Receive Worthy News in your inbox! | Printer Friendly

(Worthy News) – Stocks fell sharply Monday — with the Dow suffering its worst day since the ‘Black Monday’ market crash in 1987 and its third-worst day ever — even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.

The Dow Jones Industrial Average closed 2,997.10 points lower, or 12.9%, at 20,188.52. The 30-stock Dow was briefly down more than 3,000 points in the final minutes of trading. The S&P 500 dropped 12% to 2,386.13 — hitting its lowest level since December 2018 — while the Nasdaq Composite closed 12.3% lower at 6,904.59 in its worst day ever.

“The markets are getting no break with yesterday’s historic Fed actions and COVID-19 dominating the world’s headlines,” Frank Cappelleri, executive director at Instinet, said in a note. “While the news continues to worsen and with the price action doing things we’ve only seen a handful of other times in the last century, it’s nearly impossible to keep things in perspective.” [ Source: CNBC (Read More…) ]

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