Here’s what happened to the stock market on Wednesday

- Advertisement -

Dow Jones Industrial Average drops 973 points

- Advertisement -
- Advertisement -
- Advertisement -

The Dow slid 973.65 points, or 4.44%, to close at 20,943.51. The S&P 500 closed 4.41% lower at 2,470.50. The Nasdaq Composite dropped 4.41% to 7,360.58. Stocks fell sharply on the first day of the new quarter amid mounting concerns over the coronavirus and its health and economic ramifications.

‘Painful’ weeks ahead

President Donald Trump said Tuesday night the U.S. should prepare for a “very, very painful two weeks” as more cases are reported. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S. Meanwhile, New York Gov. Andrew Cuomo said the state’s models are showing a high death rate through July. “There’s still tremendous uncertainty,” said Patrick Kaser, portfolio manager at Brandywine Global. “We can look at history as a guidepost for the market and the economy, but there’s not a perfect scenario.”

American Express leads Dow lower, cruise stocks fall

American Express was among the worst-performing stocks in the Dow, falling more than 9%. Cruise shares fell broadly, with Carnival falling more than 33% and Norwegian Cruise Line closing lower by nearly 13%.

What happens next?

The weekly jobless claims report is scheduled for release Thursday at 8:30 a.m. Walgreens Boots Alliance is slated to release its latest quarterly figures before the bell.

Home of Science
Follow me

- Advertisement -




Find a Business Plan Template That’s Right For Your Needs

For many business owners, the most important element of any proposal they submit to potential clients is a well written business plan. When your...

Marcus Mumford reveals he was sexually abused aged sixon August 10, 2022 at 6:36 pm

The singer stressed he was not abused by a family member or in church.Image source, Getty ImagesMarcus Mumford, the frontman of the band Mumford...

TSX Gains Over 5% Amid Signs Of Slowdown In Virus Spread

The Canadian stock market ended on a high note on Monday on hectic buying at counters across the board after data showed the number...

G7 summit: Leaders pledge climate action but disappoint activistson June 13, 2021 at 5:35 pm

The plan renews a promise to raise $100bn a year, but environmentalists say it lacks detail.image copyrightReutersThe G7 nations have agreed to step up...

Covid: UK first country to approve dual-strain vaccineon August 15, 2022 at 11:01 am

The upgraded vaccine tackles both the original Covid virus and the newer Omicron variant.Image source, Getty ImagesThe UK has become the first country to...
Home of Science
Follow me