Dow plunges 2,999 points in biggest drop since 1987 as Fed emergency actions fail to calm coronavirus fears
. Market volatility will"absolutely" continue, Will Rhind, the founder and CEO of GraniteShares, told Business Insider in an interview.Airline and cruise line stocks led declines Monday as the travel industry faces increased pressure amid the coronavirus pandemic. Shares of Boeing fell more than 20% as it was placed on watch by Fitch credit ratings.
Royal Caribbean, Carnival, and Norwegian Cruise Lines all slumped as well. The entire cruise line sector is on watch and has suspended all voyages for the time being in response to the coronavirus outbreak. Bank stocks also took a hit, with shares of Bank of America, JPMorgan, Goldman Sachs, and Morgan Stanley all falling more than 10%. On Sunday, big banks announced that they wouldto stay afloat in times of economic uncertainty brought on by the coronavirus pandemic.
"The only certainty at this point is more volatility and I would expect the market to price in a recession," Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, told Business Insider. He continued:"If that turns out to be the case — or if credible and nd specific fiscal and public health policies are put in place to contain the economic and public health risks — that is when you will begin to see a bottom in the stock market.
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