Dow plummets most since 1987 as Trump stimulus plan fails to materialize
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.US stocks plunged on Thursday after President Trump's Wednesday coronavirus comments failed to calm investors' nerves, and as scant additional details were provided around a potential stimulus plan.The S&P 500 and the tech-heavy Nasdaq closed in bear-market territory, down more than 20% from recent highs.
Losses temporarily pared in the afternoon after the Federal Reserve announced a stimulative bond-purchase plan. They then extended to near intraday lows.Watch major indexes update live hereUS stocks plunged deeper into the red on Thursday after President Donald Trump's address to the nation on Wednesday night failed to calm investors' concerns about the economic fallout from the coronavirus outbreak.
All three major US indexes closed more than 9% lower. The S&P 500 and the tech-heavy Nasdaq finished the session more than 20% below their recent highs, putting them in bear-market territory for the first time in 11 years. The Dow Jones industrial average, which closed in a bear market on Wednesday, extended losses.
Selling was so pronounced in the opening minutes of trading that a marketwide circuit breaker was enacted, halting trading for 15 minutes. After paring losses in the afternoon, stocks plunged to intraday lows as the close approached. Trump's remarks about the coronavirus outbreak — which lacked clarity about economic stimulus measures — spurred overnight futures losses that carried into Thursday trading. Trump also announcedHere's where major US indexes were trading as of the market close on Thursday:
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