Wall Street down 7%, extending bear market on Trump’s European travel ban
Stocks
New York (U.S.), March 12, 2020 (Sputnik/NAN) U.S. stocks extended their bear market run as Wall Street’s three main indexes all fell about 7 per cent or more in Thursday’s early trade, reacting to President Donald Trump’s ban of most European travel into the United States.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, was down almost 1,700 points, or almost 7.2 per cent, by 9:44 AM ET (13:44 GMT), after a 5 per cent drop on Wednesday.
The S&P500, barometer for the top 500 U.S. stocks, was nearly 8 per cent, after the previous day’s fall of 4.9 per cent.
The tech-heavy Nasdaq Composite slid 7 per cent, extending Wednesday’s decline of 4.7 per cent.
All three indexes are down more than 20 per cent from their most recent highs in February, denoting bear markets.
Trump announced on Wednesday a ban on travellers from 26 European countries entering the U.S. for a month, in an attempt to contain the spread of the coronavirus. (Sputnik/NAN)
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Edited by Emmanuel Yashim