Dow falls into bear market, ASX to dive as virus panic grips investors

Stocks tumbled Wednesday as fears about the economic damage from the coronavirus outbreak intensified and investors questioned whether any economic response from Washington will be effective - when and if they see one.

With Wall Street already on edge about the economic damage coming from the virus outbreak, stocks dove even lower Wednesday after global health officials declared the outbreak a pandemic. The Bank of England became the latest big central bank on Wednesday to make an emergency interest-rate cut in hopes of blunting the economic pain caused by the virus, which economists call the global economy's biggest threat.The stakes are rising as the World Health Organisation cited "alarming levels of inaction" by governments in corralling the virus when it made its pandemic declaration.

The speed of the market's declines and the degree of its swings the last few weeks have been breathtaking.

But the media were trumpeting a massive rebound only days ago I can’t think of anything better than stocks being back at 2016 levels. This central bank produced sh*t show is better than any Netflix drama.

ScottMorrisonMP GregHuntMP please don’t let Australia be the next Italy. Close the border. Shut everything down for 2 weeks. Social distancing now not when it’s too late. covid2019australia CODVID19 lives more important than economy

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ASX officially enters a 'bear market' | Sky News AustraliaA $65 billion drop has sent the ASX into bear market territory despite an optimistic start to the trading day.\n\nThe announcement of a US stimulus package to combat the economic ramification of the coronavirus did little to calm jittery nerves with the local market closed 3.6 per cent down to 5725.9.\n\nSky News Business editor Ticky Fullerton said the result 'is the fastest fall to create a bear market in Australia's history'.\n\nImage: Getty Strap in
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