After another bad day on Wall Street amid coronavirus fears, those who have money in the stock market may have lost money during this recent dramatic stock slump.
– on rising anxiety over the outbreak. Thursday's losses put the blue-chip average into a correction – a decline of 10% from a recent high – for the first time since December 2018. The index is off 14% from its Feb. 12 record while the S&P 500 is down nearly 13% from its Feb. 19 all-time high.
On Friday, the Dow slumped 357.28 points to close at 25,409.36, recouping some losses after briefly dropping more than 1,000 points. The Standard & Poor’s 500 slid 0.8% to end at 2,954.22. The Nasdaq Composite closed virtually unchanged to finish at 8,567.37. Financial and health care stocks were among the biggest losers in Friday’s broad market slide. Energy, the worst performing sector this year, held on to a gain.
Fed-fund futures now project a 100% probability the central bank will cut interest rates by a quarter percentage point or more at its March meeting, according to CME Group’s FedWatch Tool.The virus outbreak has been shutting down industrial centers, emptying shops and severely crimping travel all over the world. More companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales.
"Whether or not this is a good analogy will depend on how big a shock to the U.S. economy the coronavirus turns out to be," Zaccarelli said.
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