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Home » General » Dow faces the biggest one-day plunge in history as COVID-19 fears intensify in the US

Dow faces the biggest one-day plunge in history as COVID-19 fears intensify in the US

Enzo Mayor by Enzo Mayor
February 27, 2020
in General
1 min read
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Dow faces the biggest one-day plunge in history as COVID-19 fears intensify in the US

Photo: Studio Incendo | Flickr | CC BY 2.0

US futures plunged sharply as intensifying fears over coronavirus infection hit the United States. The drop in most stocks has forced Wall Street to tread through correction territory after a series of experts and analysts warned that the COVID-19 outbreak is spreading in the country.

The Dow Jones Industrial Average plummeted 1,190.95 points, or 4.4%, to close at 25,766.64. The S&P 500 slid 4.4% to 2,978.76 while the Nasdaq Composite dropped 4.6% to 8,566.48. The Dow had its worst day since February 2018 while the Nasdaq and S&P 500 posted its biggest one-day loss since August 2011.

This is also Dow’s most significant one-day decline in history. Thursday’s performance is even worse than Monday’s 1,031-point drop. The S&P 500 also closed below 3,000 for the first time since last October. 

“We’re extremely cautious in the short term,” said Tom Hainlin, global investment strategist at Ascent Private Capital Management. “No one really seems to be an expert on the coronavirus. We haven’t seen anything like this really in our investing lifetimes.”

Enzo Mayor

Enzo Mayor

I'm a management degree holder, currently working for a family business. I find myself always indulging on new interests -- from fitness, coffee, writing, travel, and marketing. But by the end of the day, I'm just a guy in a perpetual pursuit to find his balance.

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