Per MarketWatch, U.S. stocks plunged again Thursday, after triggering circuit breakers early in the session that temporarily halted trading for the second time in this week, as the S&P 500 index and Nasdaq Composite looked likely to join the Dow in ending a record-setting, 11-year bull market.
Stock prices slumped despite a move by the Federal Reserve on Wednesday to offer some $1.5 trillion worth of funding to keep liquidity flowing through financial markets and the expansion of its balance sheet through government bond buying.
The Hill reports stocks cratered Thursday as the escalating coronavirus pandemic and lingering questions about President Trump’s response drove the worst day of losses for Wall Street since the 1987 crash.
The Dow Jones Industrial Average closed with a loss of 2,352 points, dropping 10 percent for its steepest loss by percentage since falling 22.6 percent on Oct. 19, 1987.
The Dow’s Thursday losses also exceeded its 7.87-percent plunge on Oct. 15, 2008, which was the index’s most recent record for the steepest single-day drop by percentage.
The S&P 500 fell 9.5 percent to join the Dow in bear market territory—a 20 percent decline from a stock or index’s 52-week peak. The Nasdaq composite also dropped 9.4 percent and also joined the S&P and Nasdaq in bear market territory.
Thursday’s record-breaking losses come amid increasing panic over the humanitarian and economic toll of the COVID-19 coronavirus outbreak. Public health and government officials are urging Americans to adopt social distancing practices to avoid a sharp increase in confirmed U.S. coronavirus cases, which exceeded 1,000 on Wednesday and claimed more than 30 lives.