Stocks enter correction, Dow plunges by 780 points, as coronavirus fears multiply

Wall Street fell sharply on Thursday for the sixth straight day, with all three major indices entering correction as investor fears multiplied that the coronavirus epidemic could spread to the U.S.The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all plunged at the opening bell, with the Dow falling more than 500 points for a loss of 2 percent. The S&P tumbled by 2.1 percent and the Nasdaq fell by 2.7 percent, marking the worst week for stocks since the financial crisis.

The Centers for Disease Control and Prevention confirmed Wednesday the first community transmission of the coronavirus, in Sacramento County, California. The patient had not traveled to virus-infected areas and was not exposed to anyone who had the virus, the CDC said. While Trump acknowledged that markets had fallen because of coronavirus fears, he said Wednesday that he believed the plunge was likely also due to"the Democrat candidates standing on the stage making fools out of themselves."

“U.S. companies will generate no earnings growth in 2020,” the firm wrote in a note to clients on Thursday. “We have updated our earnings model to incorporate the likelihood that the virus becomes widespread.”

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