The cascade of bans and cancellations caused by coronavirus around the globe has sent US stocks to their worst losses since the ‘Black Monday’ of 1987, with Wall Street officially falling into bear market territory.
The S&P 500 plummeted by 9.5 percent on Thursday. The index, which was at an all-time high in February, has lost a whopping 26.7 percent since, meaning that the record 11-year-long bull market run has come to an end.
The Dow Jones Industrial Average sank by 10 percent for its worst day since the drop of nearly 23 percent on October 19, 1987, known as ‘Black Monday.’
European markets also had one of their worst days ever, losing a whole 12 percent despite assurances of help from the European Central Bank.
Market panic was in part due to a series of cancellations over the coronavirus pandemic, which included US President Donald Trump’s suspension of most travel between the US and Europe, as well as competitions put on hold in the NHL and the UEFA Champions League.
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