US stocks plummet on US travel ban from Europe

US stocks witnessed plummeted on Thursday after the US President imposed travel ban to curb coronavirus outbreak, which spooked investors and rattled world markets.

According to CNBC the Dow Jones Industrial Average fell 2,352.33 points, or 9.99 percent, to 21,200.89, the S&P 500 lost 260.75 points, or 9.51 percent, to 2,480.63 and the Nasdaq Composite dropped 750.25 points, or 9.43 percent, to 7,201.80.

CNN reported that Wall Street had its worst day since October 19, 1987, also known as “Black Monday”.

The S&P 500 (SPX) fell 9.5 percent. The index, which is the broadest measure of US stocks, is now in a bear market, defined as a 20 percent drop from the most recent peak. This has officially ended the longest bull-market in history.

The Dow (INDU) fell 2,353 points, or nearly 10 percent, also its worst day since “Black Monday.” It was its worst one-day point drop on record. The Nasdaq Composite (COMP) dropped 9.4 percent.

CNN further said President Donald Trump used a national address on the coronavirus to announce a ban on most travel from Europe, but failed to deliver the comprehensive economic and medical response to the outbreak that investors are craving.

BBC reported that in the US, the Dow and S&P 500 were also hit by their steepest daily falls since 1987.

The declines came despite actions by the Federal Reserve and European Central Bank to ease financial strains.

At the start of US trading, plummeting shares triggered an unusual automatic suspension in trading for the second time this week.

When trade resumed 15 minutes later, shares continued to fall, taking cues from the slide in European markets.

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