- All major US stock indexes slipped on Thursday as new coronavirus deaths in the US intensified fears of the outbreak dragging on economic activity.
- California declared a state of emergency following its first virus-related death on Wednesday.
- The S&P 500 slid roughly 3.4%, while the Dow Jones industrial average tumbled by more than 950 points.
- The market decline follows a fruitful Wednesday session when all three major indices climbed by about 4%.
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All major US stock indexes plunged on Thursday as escalating coronavirus worries and heightened fear pushed risk asset valuations lower. The benchmark S&P 500 has logged its most volatile week since 2011.
The outbreak's rising death count and new infections around the world intensified concerns that the virus will drag on economic growth throughout 2020. California and Washington are both in a state of emergency related to the outbreak, with the former state confirming its first virus-related death Wednesday afternoon. Washington has seen 10 coronavirus fatalities since cases were first confirmed in February.
Here's where major US indices stood as of the market close on Thursday:
- S&P 500: 3,023.94, down 3.4%
- Dow Jones industrial average: 26,121.28, down 3.6% (970 points)
- Nasdaq Composite: 8,738.59, down 3.1%
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The slip follows a fruitful trading session on Wednesday that drove a 4% gain for all three major US indices. Health care firms soared on Joe Biden's unexpectedly strong Super Tuesday performance, calming Wall Street's worries that a progressive candidate could radically change the multitrillion-dollar industry.
US equities have seen whipsawing through March after ending last month with their worst week since the financial crisis. An emergency Federal Reserve rate cut drove stocks lower on Tuesday as investors sought more effective stimulus to combat a coronavirus-driven supply shock. Central banks and organizations around the world have since issued their own stimulus to curb the outbreak's economic fallout.
The coronavirus has so far killed more than 3,300 people and infected more than 97,000. More than 280 deaths have been reported outside of China - the virus's country of origin - and infections have shown up in at least 87 countries. Economists are eyeing rising contagion rates in Italy and Japan to judge how the virus could hit global economic growth.
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