The S&P 500 and Nasdaq joined the Dow in bear market territory after President Trump’s sweeping move to restrict travel from Europe added to growing signs of corporate distress in the face of the coronavirus pandemic
- The Dow Jones Industrials index was on course for its worst day since 1987 as President Donald Trump’s sweeping move to restrict travel from Europe added to growing signs of corporate distress in the face of the coronavirus pandemic.
Boeing fell another 13% as J.P.Morgan abandoned its long-term buy recommendation on the planemaker’s shares, a day after the company signaled major cutbacks and drew on a large chunk of additional reserve cash. “When you reach full-blown panic mode, it takes a lot to rebuild confidence, and that seems to be where we are headed,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.Wall Street’s fear gauge jumped to its highest since November 2008, as Trump also announced several steps to help small businesses, but failed to convince traders he would be able to blunt the virus outbreak’s impact on the domestic economy.
The MSCI world equity index .MIWD00000PUS crashed into a bear market in early trading, with all three major U.S. stock indexes now also more than 20% below their record highs hit in February. [MKTS/GLOB]
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