NEW YORK: Wall Street stocks plunged on Wednesday, with the Dow confirming a bear market for the first time since the financial crisis after the World Health Organization called the coronavirus outbreak a pandemic.
"There's just a plethora of bad news today, a growing number of people with the disease, there are different points of view in how stimulus should work, and the market is acting accordingly," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.A lack of details from the Trump administration regarding its plans for fiscal stimulus, and partisan wrangling in Washington, added further unknowns to the mix.
Stocks worldwide lost ground despite global stimulus efforts to soften the economic blow of the virus, named COVID-19, with Britain and Italy announcing war chests to contend with the growing crisis.