Stock Market News For Mar 10, 2020
Zacks Investment Research | Mar 09, 2020 09:57PM ET
Benchmarks tanked more than 7% on Monday as oil price war and coronavirus outbreak unnerved investors.
The three major indexes — the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite — closed in the red on Monday. The Dow Jones Industrial Average closed at 23,851.02 after losing 7.8%, the broader S&P 500 reached 2,746.56 after declining 7.6% and the tech-laden Nasdaq Composite hit 7,950.68 after decreasing 7.3%. The drops in the three benchmarks were the biggest one-day percentage declines since 2008.
The fear-gauge CBOE Volatility Index (VIX) increased 23% to close at 54.46 on Mar 9. Finally, decliners outnumbered advancers on the NYSE by a 17.86-to-1 ratio.
Coronavirus Fears Trigger Sharp Selloff
U.S. equities hovered dangerously close to bear-market territory on Monday as investors closely monitored the Coronavirus situation around the globe. More investors made their way to safe-haven assets.
As of Mar 9, the number of people infected crossed 111,000 globally and the death toll hit 3,800. The gravity of the situation was notable in the United States after New York, California and Oregon declared states of emergency.
Over the weekend, Italy’s government decided to quarantine its northern region. In a bid to limit the disease from spreading, the government closed schools, cancelled events and imposed strict rules over public interactions for more than 10 million people.
Italian Prime Minister Giuseppe Conte signed a Original post
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