Dow Jones Industrial Average plummets 1,464 points
The Dow tanked by 1,464.9 points, or 5.86%, to close at 23,553.22. The S&P 500 slid 4.89% to 2,741.38. The Nasdaq Composite plunged 4.7% to 7,952.05. Stocks dropped sharply as investors coped with the fast spreading of the coronavirus along with uncertainty around a fiscal response to curb the economic slowdown from the outbreak.
Bear market for Dow
The Dow's drop sent it tumbling into a bear market, down more than 20% from a record closing high set last month. Investors dumped stocks after the World Health Organization declared Wednesday the outbreak a global pandemic. They also sold equities amid the lack of a fiscal response to keep the economy from slowing down too much. Bottom line, expect more pain ahead unless lawmakers can push forward some stimulative measures as the virus keeps spreading.
Travel stocks fall
Shares of Delta, American and United Airlines all fell more than 4% as virus spread and dented travel demand. Cruise ship stocks such as Norwegian Cruise Line and Carnival slid 26.68% and 9.45%, respectively.
What happens next?
Investors will be on the lookout for any type of fiscal response to the coronavirus. Weekly jobless claims and producer price data are set for release at 8:30 a.m. ET.
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