CNN

Historic Dow plunge of 1,191 points

Feb 27, 2020, 2:28 PM | Updated: Mar 12, 2020, 9:27 am
Plunging stocks shake up the street...
Stocks plunged on Wall Street Tuesday morning. (Photo by Scott Heins/Getty Images)
(Photo by Scott Heins/Getty Images)
Originally Published: 27 FEB 20 09:49 ET
Updated: 27 FEB 20 16:17 ET

(CNN) — US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The three main indexes fell into correction territory and are on track for their worst week since the financial crisis.

The Dow dropped 1,191 points, or 4.4% in its worst one-day point drop in history. The index has fallen more than 10% below its most-recent peak, putting it in correction.

The S&P 500 closed down 4.4% and finished the day below the 3,000 point mark. The index is also in correction territory.

The Nasdaq Composite ended down 4.6%, more than 10% below its latest peak.

All three indexes are on track for their worst week since the fall of 2008, the midst of the financial crisis.

Stocks have been selling off around the world all week as investors fret about the spread of the virus.

In the United Kingdom, the FTSE 100 also fell into correction territory Thursday. This is the market’s first correction since December 2018.

Stocks are still some ways away from a bear market, which is defined as 20% or more below the most recent peak.

Still, safe haven investments like bonds are up on Thursday and the 10-year US Treasury yield fell to a new all-time below 1.28%. Bond yields and prices move in opposition to each other.

In the energy space, US oil prices fell yet again as investors worries about a drop in demand. US oil futures settled down 3.4% at $47.09 a barrel.

Worries about the coronavirus outbreak mounted this week, with the US Centers for Disease Control and Prevention saying it expects cases in the United States to rise. The virus has now infected more than 82,000 people worldwide, with the vast majority of cases in China.

Corporations continue to warn that they won’t meet their first quarter earnings targets. Microsoft announced that late Wednesday. Goldman Sachs said in a report Thursday that it now thinks US companies will generate zero earnings in 2020.

“What’s even more disconcerting is that the news headlines haven’t been all that bad yet,” said Paul Hickey of Bespoke Investment Group. “Right now, it’s the fear of what could happen that’s driving the markets rather than what is actually happening.”

Indeed, the US economy is thought to be relatively more resilient against the effects of the virus as it is not as reliant on trade as its peers. The second reading of fourth quarter GDP left growth unchanged at 2.1%.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

CNN

PUNXSUTAWNEY, PA, USA - FEBRUARY 2: Punxsutawney Phil saw his shadow on Tuesday  morning 6 more wee...
Scottie Andrew, CNN

The bizarre history of Groundhog Day

So how did Groundhog Day go from a kooky local tradition to an annual celebration even those of us who don't worry about winter can find the fun in?
1 day ago
Indian billionaire Gautam Adani, pictured here, in Ahmedabad India on April 2, 2014 abandoned a dea...
By Mark Thompson, CNN

Adani scraps $2.5 billion share sale as value of his empire collapses

Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud.
1 day ago
Multiple Michigan agencies are investigating what happened to three local rappers, Armani Kelly, 28...
By Michelle Watson and Amy Simonson, CNN

3 rappers have been missing for 10 days since their scheduled performance was canceled, Detroit police say

Multiple Michigan agencies are investigating what happened to three local rappers who went missing 10 days ago after a performance at a club was canceled, Detroit police said.
1 day ago
Tyre Nichols...
CNN

MLK invoked as Tyre Nichols’ life is celebrated in Memphis

Nichols, 29, who was Black, was subdued yet continuously beaten after a traffic stop by Memphis police on January 7. He died three days later.
2 days ago
Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the t...
Danielle Wiener-Bronner, CNN

Is that Gatorade? Or Powerade? It may soon be hard to tell.

Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the top spot in the sports drink arena.
2 days ago
US President Joe Biden discusses funding for the "Hudson Tunnel Project" at the West Side Rail Yard...
Kevin Liptak, MJ Lee, Jeremy Diamond and Paula Reid, CNN

FBI finds no classified documents at Biden’s Delaware vacation home

Reporters positioned in the coastal community observed black sport utility vehicles and sedans arriving to the home mid-morning.
2 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Historic Dow plunge of 1,191 points