Dow enters bear market after coronavirus declared pandemic
Source: Washington Post
Wall Street went into a deep slump Wednesday, falling so far and so fast that the Dow Jones industrial average officially tipped into a bear market, ending a record 11-year stock rally
The bear market reflects a 20 percent fall from record highs, which the Dow hit less than a month ago, and came after the coronavirus officially became a pandemic. The World Health Organizations declaration Wednesday signaled that health experts believe efforts should shift from trying to contain the virus to mitigation.
The Dow Jones industrial average already deep in the red for the day tumbled almost 1,500 points, after the WHO announcement.
Bear markets are ugly, said Michael Farr, president of Farr, Miller and Washington. Theyre painful and they all last too long. Sadly, it seems that a new one is just getting started.
Read more: https://www.washingtonpost.com/business/2020/03/11/markets-economy-today-oil-coronavirus/
What Obama bringeth, 45 takes away.
progree
(10,920 posts)Then there was a bit of an uptick and it closed at 2741. So will have to wait another day or two for the S&P 500 to enter a bear market (which is 20% down from the all-time high of 3386 on February 19).
Probably will have a rebound tomorrow, and then the day after a plunge to who knows where.
bucolic_frolic
(43,311 posts)Wonder how they'll engineer a bounce from here.
IronLionZion
(45,540 posts)we have long lines and empty store shelves, canceled events, people afraid to go out, crashing stock markets,
Damn Democrats!
Scalded Nun
(1,240 posts)Why else would these deep downturns only happen when the GOP is in the White House?
yaesu
(8,020 posts)machoneman
(4,011 posts)...causes him to stroke out!