On Thursday, the 12th of March, there had been an Armageddon in the Wall St. with all three key indices tumbling nearly ten per cent and paving their way in to bearish territories, snapping the longest-ever bull-run of the US Stocks following new travel restrictions inclined by the Trump Administration to slow down the spread of coronavirus pandemic across the United States.
In point of fact, as newer coronavirus cases in the United States grew sharply over the past 24 hours and death toll raised to 38 as of Thursday (March 12th), Wall St. had witnessed a record sell-off pressures, likes of which had never been seen since 1987’s “Black Monday” as the trade-sensitive Dow tumbled more than 10 per cent to remark its worst intra-day plunge in more than three decades.
More importantly, aside from growing concerns of a coronavirus outbreak which has currently been rattling the Central Europe, US President Donald Trump travel ban for EU traders until April 15th had largely catalysed the Thursday’s (March 12th) apocalypse in the Wall St., while Nasdaq and S&P 500 had entered in to a bear market for the first time since the ages of great financial depression in 2008.
Meanwhile, citing that the money markets across the globe were looking to further fiscal stimulus alongside a more sensible leadership, a chief investment officer at NovaPoint in Atlanta, Joseph Sroka said on Thursday’s (March 12th), “The continued negative action in the market is telling us whatever’s been done so far hasn’t been enough.
People can’t point to a tangible outcome that’s going to restore normal daily life, so uncertainty remains. Prominent organizations, educational institutions and even sports leagues are foregoing events out of caution.
Leading institutions around the world are setting the tone. We’re cautious because they’re telling us to be cautious. ” Quoting statistics, Dow ended the day down by 9.99 per cent to 21,200.62, chopping off 2,352.6 points, and S&P 500 shredded 9.51 per cent to 2,480.64, while the Nasdaq took a heavy beating of 9.43 per cent to round off the Thursday’s (March 12th) Wall St. at 7,201.80.