BREAKING: Stocks and bond yields fall sharply as virus fears send more shudders through markets; Dow Jones industrials slump 3.6%.
Trader Peter Mancuso prepares for the day's trading, on the floor of the New York Stock Exchange, Thursday, March 5, 2020.
These vicious swings are likely only to continue, as long as the number of new infections continues to accelerate, many analysts and professional investors say. Thursday was the fourth straight day where the S&P 500 moved at least 2%, the longest such stretch since the summer of 2011. In China, where the number of new infections has been slowing drastically, stocks trading in Shanghai have rallied nearly 12% since hitting a bottom on Feb. 3. Factories there are gradually reopening, and a return to a sense of normal life may even be on the horizon following swift and severe actions by the government to corral the virus.
The S&P 500 fell 106.18, or 3.4%, to 3,023.94. The Dow Jones Industrial Average slumped 969.58, or 3.6%, to 26,121.28, and the Nasdaq lost 279.49, or 3.1%, to 8,738.60. Travel-related companies continued to fall sharply on worries that frightened customers won’t want to confine themselves in planes or boats with others. Royal Caribbean Cruises sank 16.3%, Carnival fell 14.1% and American Airlines Group lost 13.4%.
Asian stock markets started Thursday off higher, riding the wave of optimism and hope that sent the S&P 500 spurting up 4.2% on Wednesday. U.S. congressional leaders reached a deal on an $8.3 billion bill to battle the outbreak, which the Senate passed Thursday, and the Bank of Canada followed up on the Federal Reserve’s surprise cut to interest rates the day before with its own.
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