Wall Street began the week in the deep red turning in its worst percentage loss since 1987. The blue-chip index plunged nearly 3,000 points — hitting its lowest point since April 2017 — even after the Federal Reserve cut interest rates to nearly zero to help offset the damage done by the coronavirus.
The S&P 500 and Nasdaq both joined the Dow with losses of 12% or more, with the latter logging its biggest one-day drop on record. Elsewhere, Wall Street’s “fear gauge,” the Cboe Volatility Index (VIX) roared to its highest point since the 2008 financial crisis.
The Dow Jones Industrial Average finished 2,997.1 points, or 12.9% lower for the day. All 30 Dow stocks closed in the red. Oil tanked today to trade below $29 and gold moved in tandem with stocks closed down 2%. American Airlines Group trading at a record low of $12,37.
Today’s Economic Data
10:00 (UK time): German ZEW Economic Sentiment (EUR)
All Day: EU Economic Summit (EUR)
12:30 (UK time): Retail Sales (USD)