(CNBC) Stocks plummeted once again on Thursday after President Donald Trump and the Federal Reserve failed to quell concerns over the possible economic slowdown stemming from the coronavirus, leading to historic moves in U.S. markets.
The Dow Jones Industrial Average closed 2,352.60 points lower, or 10%, at 21,200.62. The index had its worst drop since the 1987 Black Monday market crash, when it collapsed by more than 22%.The S&P 500 plummeted 9.5% to 2,480.64, joining the Dow in a bear market. The S&P 500 also hat its worst day since 1987. The Nasdaq Composite closed 9.4% lower at 7,201.80.
“The coronavirus is scary and people don’t know what to expect,” said Kathy Entwistle, senior vice president of wealth management at UBS. “It’s like the tsunami is coming. We know it’s going to hit any day and nobody knows what the outcome is going to be.”
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