’ in the process, continuing a week of wild swings as investor anxiety over the economic impact of the coronavirus epidemic continues to build.
The Dow Jones Industrial Average lost 969 points, or 3.6%, the S&P 500 lost 3.4% and the Nasdaq Composite dropped 3.1%. Airline stocks were hit especially hard: American Airlines lost a whopping 13.2% and United Airlines dropped 12.6% amid reports that travel disruptions caused by the coronavirus could cost the airline industryThe VIX, a volatility index that is often used as a measure of investor uncertainty, ticked up to 39.62 from 32.85; levels hovered around 15 prior to the initial selloff two weeks ago.
The yield on the 10-Year U.S. Treasury bond fell to another new low, this time dipping below 0.9%, indicating that investors are continuing to move out of riskier assets like stocks in favor of safer ones like bonds. “For years it was ‘buy the dip’, ‘buy the dip’, ‘buy the dip,’” TDA Ameritrade chief market strategist JJ Kinahan
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