COVID-19 Impacts Dow

Ken AshfordEbola/Zika/COVID-19 Viruses, Economy & Jobs & DeficitLeave a Comment

Stocks fell sharply on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.

The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well.

“The second-largest economy in the world is completely shut down. People aren’t totally pricing that in,” said Larry Benedict, CEO of The Opportunistic Trader, adding a 10% to 15% correction in stocks may be starting. He also said some parts of the market, particularly large-cap tech stocks, appear to be over-owned. “It seems like there’s much more to come.”

Coronavirus-impacted names led the way lower. Airline stocks Delta and American were both down more than 6% while United closed 5.4% lower. Shares of casino operators Las Vegas Sands and Wynn Resorts dropped at least 5.2% each. MGM Resorts slid 5.4%.

As of today… at 1:20 pm, the Dow is down a further 520 points, based on COV-19 fears.

At 3:30 pm, the Dow is 856 points down on the day

Closes at 878 down.

Trump, in India, makes it clear that our government is not on top of this:

Last Updated at (M/D/YYYY) 2/25/2020, 9:23:02 AM
Total Confirmed Cases: 80,147
Total Deaths: 2,699
Total Recovered: 27,621