As the Dow experienced its worst selloff since 1987, President Donald Trump and members of the White House’s COVID-19 coronavirus task force at a press conference this afternoon asked all Americans to avoid discretionary travel, not eat at restaurants or bars, not hold gatherings of over 10 people, and to quarantine themselves if they or a member of their household feels sick.
The Dow Jones Industrial Average opened with a loss of 9.7%, or 2,250.46 points, leaving it at 20,935.16. The S&P 500 dropped 8.1% and the Nasdaq Composite fell 6.1%. The drop immediately triggered a 15-minute trading halt for the third time since last Monday.
Stocks later regained some ground. But by the close, the Dow was back down 2,999.14 points, or 12.9%, the S&P 500 had lost 12%, and the Nasdaq was off 12.3%… Apple (AAPL) closed down 12.9%, due in part to being slapped with a $1.3 billion fine over anticompetitive sales practices. The iPhone maker also said it was closing stores outside of China amid the coronavirus.
MacDailyNews Take: Of course, this is what a rollercoaster ride does, up, down, up, down. It shouldn’t be surprising to see the Dow experience in worst selloff since 1987. The markets hate uncertainty and all we have right now is uncertainty. Thankfully, even the most violent rollercoaster rides glide to a stop eventually. Hang on tight and try to help your fellow passengers remain calm and not panic. Over the next 15 days, please stay home whenever possible, practice social distancing if you have to go out, and maintain proper hygiene at all times.
Please Read: Why outbreaks like coronavirus spread exponentially, and how to “flatten the curve” – Washington Post https://t.co/Ahl8qsY1SG
— MacDailyNews (@MacDailyNews) March 16, 2020