Dow plummets nearly 1,200 points amid coronavirus panic, in biggest one-day drop
- Wall Street’s three major indices down more than 4 per cent
- US stocks headed for steepest weekly fall since 2008 financial crisis
Wall Street’s main indices plunged on Thursday for the sixth straight session, with the S&P 500 confirming its fastest correction in history as the rapid global spread of coronavirus intensified worries about economic growth.
The S&P 500 finished 12 per cent below its February 19 record close, marking its fastest correction ever in just six trading days. The previous record was nine days in early 2018, according to S&P Dow Jones Indices analyst Howard Silverblatt.
The Dow registered a record one-day points drop, which was also its fourth 1,000-point decline in history and the second this week.
All three major US indices were also on track for their steepest weekly pullback since the global financial crisis, as new infections reported around the world surpassed those in mainland China.
Governments battling the epidemic from Iran to Australia shut schools, cancelled big events and stocked up on medical supplies. In the United States, the Centres for Disease Control and Prevention late on Wednesday confirmed an infection of unknown origin in California.