Stocks plunged on Wednesday, reaching a new crisis low—below the levels they were at when Trump first took office—as the coronavirus pandemic continues to take a toll on markets and inflict damage to the U.S. economy.
The Dow Jones Industrial Average dropped 6.3%, nearly 2,000 points. The S&P 500 was down 5.2%—breaking below its low point during the Christmas 2018 sell-off, while the Nasdaq slid 4.7%. The Dow has nearly fallen below 19,827—the level it was at when Trump was inaugurated. That means that all of the stock market gains during Trump’s presidency—which he has often touted are as a result of his leadership—have almost been completelyconsecutive day where the S&P 500 swung more than 4% in either direction, which has never happened before—and the trend looks like it will continue.
As nervous investors grappled with the ongoing uncertainty from the coronavirus, billionaire investor Bill Ackmanon CNBC. “I’m sorry to say so, unless we take this option.”: Trading was halted after a “circuit breaker” mechanism was tripped up—for the fourth time in a week—by the S&P 500 falling more than 7%.that the Senate has obtained the votes to pass legislation extending paid leave and unemployment insurance for struggling Americans.
. Oil is now near an 18-year low as the coronavirus pandemic—and an ongoing price war between Saudi Arabia and Russia—continues to hurt both supply and demand.“Only in this market would a -5% session in the S&P 500 feel like a huge victory,” Vital Knowledge founder Adam Crisafulli said in a note on Wednesday.
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