U.S. Stocks Suffer Worst Two-Day Drop in Years Amid Coronavirus Panic
Major U.S. stock indices plummet over three percent as coronavirus fears trigger massive selloffs, pushing the majority of S&P 500 companies into correction territory. President Trump reportedly expresses fury over the market decline and blames health officials for spooking investors.
U.S. stock markets experience a massive selloff as the Dow and S&P 500 plunge more than 3%, marking their worst two-day drop since 2018 and 2015, respectively. The Nasdaq also suffers significantly, posting its steepest two-day decline since 2016. This broad market decline pushes 64% of S&P 500 companies into correction territory, meaning these stocks fall at least 10% from their recent 52-week highs.
President Donald Trump reportedly expresses deep frustration over the plunging markets, believing that public health officials unnecessarily spook investors with their warnings. According to sources, the president cautions his aides against making future predictions about the virus's economic impact to avoid driving stock prices down even further. Trump plans to meet with his aides on Wednesday to address the rapidly developing situation.
Despite the heavy losses in the United States, top economic officials attempt to calm the public, with National Economic Council Director Larry Kudlow describing the coronavirus-triggered selloff as a buying opportunity for long-term investors. Meanwhile, the global market turmoil continues overseas as Japanese stocks slide further during early Wednesday trading following their own significant losses from the previous day.