Categories U.S. Markets News

US stocks plummet to the worst since 2008 crisis amid coronavirus outbreak

The markets experienced the worst nightmare week since the 2008 financial crisis as the stocks remained in the red due to the panic selling associated with the coronavirus outbreak. The Dow plunged to the worst-ever point in nearly nine months while the S&P 500 had its worst day since 2011.

The Dow Jones Industrial Average is currently down 2.03% at 25,242.79, the Nasdaq Composite is down 0.66% at 8,510.06 and the S&P 500 is down 1.63% at 2,930.25. On Thursday, the US major averages ended at their worst levels as Dow plunged 4.4% to 25,766.64, the Nasdaq dipped 4.6% to 8,566.48 and the S&P 500 plummeted 4.4% to 2,978.76.

stock market
Image for representation only (Courtesy: skeeze from Pixabay)

The coronavirus cases spreading outside China have turned out to be a global concern as all stock markets worldwide were lower. European stocks fell further into correction territory on Friday while Asian stocks ended lower, worsening fears of a global pandemic.

The California Governor Gavin Newsom said 33 people have tested positive for the coronavirus and the state is currently monitoring at least 8,400 others. The Centers for Disease Control and Prevention (CDC) on Tuesday labeled the virus as a “serious public health threat” as it is likely to spread to the US.

The public health officials warn Americans about potential disruption if the virus starts spreading and suggests asking schools and workplaces about contingency plans. Globally, there were more than 81,000 confirmed cases of coronavirus with South Korea remaining the worst affected region outside China.

Read: Coronavirus hit General Motors stock

Meanwhile, the World Travel and Tourism Council estimates that the deadly coronavirus epidemic will cost the world tourism at least $22 billion. Apart from this, the list of companies warning about the potential impact of the coronavirus is rising. Microsoft (NASDAQ: MSFT) is the latest to join as the software giant does not expect to meet its revenue forecast for a key segment that includes Windows.

The virus has not even spared the commodities and crude oil markets as both were trading in the red. The last economic impacts of coronavirus will likely be from weaker energy demand and disruption to key mineral resource supply chains. Energy, commercial real estate, chemical, and telecom stocks also saw significant weakness.

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