Thursday, Jul 09, 2020 | Last Update : 08:09 AM IST

106th Day Of Lockdown

Maharashtra2237241231929448 Tamil Nadu118594711161636 Delhi102831742173165 Gujarat37636267441978 Uttar Pradesh2996819627313 Telangana2761216287313 Karnataka2681511100417 West Bengal2383715790804 Rajasthan2140416575472 Andhra Pradesh211979745252 Haryana1799913645279 Madhya Pradesh1562711768622 Bihar12525933898 Assam12523833016 Odisha10097670354 Jammu and Kashmir89315399143 Punjab67494554175 Kerala5895345228 Chhatisgarh3415272814 Uttarakhand3230262143 Jharkhand3018210422 Goa190311568 Tripura171612481 Manipur14307710 Himachal Pradesh107876410 Puducherry104351714 Nagaland6443030 Chandigarh4924017 Arunachal Pradesh270922 Mizoram1971390 Sikkim125650 Meghalaya94432
  Business   Market  17 Mar 2020  Wall Street dives on coronavirus panic, stocks have worst day in 3 decades

Wall Street dives on coronavirus panic, stocks have worst day in 3 decades

AFP
Published : Mar 17, 2020, 1:19 pm IST
Updated : Mar 17, 2020, 1:19 pm IST

The losses were the most substantial since worries over a coronavirus-induced recession became market's preoccupation over last three weeks

Representaive Image (AP)
 Representaive Image (AP)

New York: Wall Street stocks had their worst day since 1987 on monday, joining the global market carnage as the coronavirus outbreak shut down a widening part of the US and global economy. The Dow Jones Industrial Average plunged 12.9 percent, or nearly 3,000 points, at 20,188.52.

The broad-based S&P 500 dove 12.0 percent to 2,386.13, while the tech-rich Nasdaq Composite Index shed 12.3 percent to 6,904.59.

The losses were the most substantial since worries over a coronavirus-induced recession became the market's preoccupation over the last three weeks or so.

President Donald Trump, for the first time, said the US economy "may be" heading into a recession, acknowledging an outcome that an increasing number of economists are expecting.

"The market will take care of itself," Trump told reporters at a briefing. "The market will be very strong as soon as we get rid of the virus."

Monday's dreary session came after the Federal Reserve announced a series of emergency measures Sunday night, including lowering interest rates to a range of 0-0.25 percent, where they were during the 2008 global financial crisis, and removing reserve requirements to allow banks to use cash backstops to meet unexpected funding needs.

"There is a pyramid of uncertainty," said Quincy Krosby, chief market strategist for Prudential Financial. "And the markets are responding to that."

Boeing, encumbered by the crises over the grounding of the 737 MAX and a major slowdown in air travel, led the Dow lower, shedding a whopping 23.8 percent.

Other big losers included Chevron, Intel, Home Depot, McDonald's and UnitedHealth Group, all of which fell by more than 15 percent.

But the session did include some winners, including Clorox, which jumped 4.1 percent amid strong demand for cleaning supplies and Kroger, which advanced 1.3 percent as more consumer throng to supermarket to stock up

Tags: wall street market, global stock markets, global markets, coronavirus impact, us covid 19
Location: United States, New York, New York