U.S. Stocks Plunge Into Correction Territory Amid Coronavirus Fears
Major U.S. stock indexes suffer historic losses and drop into correction territory as fears grow over domestic coronavirus spread.
U.S. stocks experience massive losses as investors react to growing fears that the coronavirus is spreading within the United States. The Dow Jones Industrial Average suffers its worst single-day point drop in history, plummeting over 1,100 points, while the S&P 500 and Nasdaq Composite post their steepest one-day declines since 2011.
These severe declines push all three major indexes into correction territory, meaning they fall more than ten percent from their recent record highs. The Dow reaches this correction level in just ten trading sessions, and the major averages are on track for their worst weekly performance since the 2008 financial crisis.
Market anxiety intensifies after the CDC confirms a U.S. coronavirus case of unknown origin in California, suggesting possible community spread of the illness. Technology and travel stocks take some of the heaviest hits, with companies like Apple, Microsoft, and American Airlines dropping significantly amid the uncertainty.