Shares tumble in Asia after the World Health Organization declared a coronavirus pandemic and the Dow Jones Industrial Average fell into bear market territory.
Trader Michael Gallucci works at his post on the floor of the New York Stock Exchange, Wednesday, March 11, 2020. Stocks are closing sharply lower on Wall Street, erasing more than 1,400 points from the Dow industrials, as investors wait for a more aggressive response from the U.S. government to economic fallout from the coronavirus.
In Japan, Prime Minister Shinzo Abe met with the central bank governor, who pledged to all he can to help support the economy, which contracted 7.1% in annual terms in the last quarter, before the virus outbreak even hit.On Wall Street, the Dow’s loss dragged it 20% below the record set last month and put the index in a bear market.
Investors are calling for coordinated action from governments and central banks to stem the threat to the economy from the virus. While lower interest rates and government spending won’t solve the crisis — only containment of the virus can — but they can support the economy. United Airlines has lost more than a third of its value since Feb. 21 because many people don’t want to risk flying. Cruise lines have also been hard hit. Even Apple, which entered 2020 after making sharp gains, has shed 6% since the beginning of the year with the slowdown in output of iPhones in China.
Italy’s government on Wednesday announced $28 billion in financial support for health care, the labor market and families and businesses that face a cash crunch due to the country’s nationwide lock down on travel. Many other governments have come up with similar plans.
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