The Dow fell 1,031 points, the third-highest point decline on record. On a percentage basis, the 3.56% pullback was nowhere near the worst.
South Korea reported another large jump in new virus cases a day after the president called for “unprecedented, powerful” steps to combat the outbreak.Norwegian Cruise Lines, Carnival Corp. and Royal Caribbean Cruises all plunged 8% or more, as did American Airlines Group Inc. Apple Inc., American Express Co. and Visa Inc. all fell 4% or more.also got hit hard. Tesla Inc., for instance, dropped 7.5% after more than doubling since the start of the year, and Plug Power Inc. tumbled 6.6%.
“In times of uncertainty, large institutional investors tend to sell first and ask questions later,” said Greg McBride, chief financial analyst with Bankrate.com.The slide followed steep declines in Europe and Asia as well, with major indices in Germany, France and Japan tumbling 3.5% to 5%. Several major U.S. companies — including Apple, MGA Entertainment Inc., Under Armour Inc., Starbucks Corp. and Mattel Inc. — that have ties with China already have said the virus is. The virus has disrupted factory production in China and consumer demand there for U.S. goods and services along with travel.
Many investors and analysts had already considered the stock bull market — now in its 11th year — long in the tooth and ripe for a pullback, which the virus provided.
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