Wall Street Close: Worst drop since 1987's market crash amid the coronavirus fears
- The S&P 500 index dropped 9.51% to 2,480.64.
- The Dow Jones Industrial Average fell 9.99% to end at 21,200.62,
- Nasdaq Composite Index dropped 9.43% to end the session at 7,201.80.
The US benchmarks were eye-watering on Thursday following a 10% in the Dow in what was the worst drop since 1987's market crash amid the coronavirus fears. We also had the S&P 500 index and Nasdaq Composite fall into a bear market which officially ended an 11-year-old bull-market.
The fears of the uncertainties around the economic impact of COVID-19 has taken up all of what was left of risk sentiment on Wall Street. As a consequence, the S&P 500 index dropped 9.51% to 2,480.64, the Dow Jones Industrial Average fell 9.99% to end at 21,200.62, representing the worst percentage drop for blue chips since October of 1987 and the Nasdaq Composite Index dropped 9.43% to end the session at 7,201.80.
New York Fed’s huge open market operations
There was a temporary relief on Wall Stree when the news of the New York Fed’s huge open market operations hit the screens, as part of the Fed's USD1.5tn temporary boost to their Treasury purchase program. This has raised the prospects of QE4 from the Fed.
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Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
