Crashing US stocks on Thursday confirmed Wall Street is in a bear market after new travel restrictions to curb the coronavirus spread spooked investors and rattled world markets.
The benchmark S&P 500 and the Nasdaq have lost about 24 percent of their value since reaching record closing highs just 16 sessions ago, as nations around the world grapple with how to contain the fast-moving coronavirus and its economic effects. “It’s the fastest 20% decline ever,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Every day there’s more selling and just when you think you’re at capitulation, you’re not there yet. People don’t know how long this is going to go on so they’re going to sell and walk away.”
Boeing fell another 12.5 percent as JP Morgan abandoned its long-term backing for the company’s shares, setting the planemaker on course for its worst week ever.The US Federal Reserve is expected to cut interest rates for the second time this month at the conclusion of its two-day monetary policy scheduled for next week.The US stock market briefly pared its losses - before resuming its decline - after the New York Federal Reserve announced it would introduce $1.
Source: News Formal (newsformal.com)
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