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. While selling eased for a while during the session, the S&P’s losses deepened rapidly in the last hour of trading to end at a session low, registering its biggest one-day percentage loss since August 18 2011. “The path of this scourge is unknown, therefore you can’t know the economic impact. You can roll the dice but it’s a guess,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. But Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois, urged some caution. “People have gone from saying this is a non-event to saying this is the end of the world. There’s room for a middle ground,” said Jankovskis, who suggested opting for defensive bets. “The virus will spread somewhat but it doesn’t mean that it’ll make the entire world grind to a halt.” New cases in South Korea exceed those in China as virus sweeps globe The CBOE volatility index, also known as the fear index, ended near its session high, up 11.60 points at 39.16, its highest level since February 2018. The Dow Jones Industrial Average fell 1,190.95 points, or 4.42 per cent, to 25,766.64, the S&P 500 lost 137.63 points, or 4.42 per cent, to 2,978.76 and the Nasdaq Composite dropped 414.30 points, or 4.61 per cent, to 8,566.48. The Dow ended 12.8 per cent below its February 12 record close and Nasdaq closed 12.7 per cent under its February 19 closing peak. All of the 11 S&P sectors closed lower with real estate, technology and energy sectors all losing more than 5 per cent. The best performers were the health care and industrials sectors, which all closed down more than 3 per cent. The NYSE Arca Airline index ended down 5.7 per cent on fears about travel disruptions around the world, while the Philadelphia SE Semiconductor index, which includes China-exposed stocks, fell 4.7 per cent. Industry analysts and economists continued to sound the alarm as they assessed the fallout of the outbreak, with Goldman Sachs saying US firms will generate no earnings growth in 2020. Microsoft, the biggest drag on the S&P, dropped almost 7 per cent after it warned of weakness in PC business due to a hit to its supply chain from the coronavirus, echoing similar statements from Apple and HP. While it was the biggest boost for the S&P, 3M pared gains sharply as the day wore on, ending up just 0.8 per cent at US$150.16 after rising as high as US$155.43. An analyst had upgraded the stock, citing possible benefit from higher sales of respirator masks during the outbreak. How Disease X, the epidemic-in-waiting, erupted in China In the busiest trading session at least since July 2014, according to data from Refinitiv, 15.63 billion shares changed hands on US exchanges on Thursday compared with the average 8.67 billion for the last 20 sessions. Declining issues outnumbered advancing ones on the NYSE by a 7.51-to-1 ratio; on Nasdaq, a 5.87-to-1 ratio favoured decliners. The S&P 500 posted four new 52-week highs and 102 new lows; the Nasdaq Composite recorded 24 new highs and 489 new lows.