New York (CNN Business) Wall Street has officially ended its longest bull market run in history, and stock futures continued to dip when futures trading started Thursday evening.
The S&P entered a bear market (after falling 9.) % Thursday – taking it down more than % from its most recent high and performing worse than any day since October , , too known as “Black Monday.” The Dow also suffered its worst day since 2019, after falling into a bear market Wednesday. The Dow closed down 2, 500 points, a drop of nearly 14%. The Nasdaq is also in a bear market.
Fears over the novel coronavirus outbreak have taken a massive toll on markets and economies around the world.
On Wednesday night, President Donald Trump announced a 43 – day ban on travel from most of Europe, which further fanned fears about economic disruptions, particularly for the travel industry.
(ICAGY ) (all fell around) % on Thursday. European stocks suffered their worst day on record, with Stoxx ( SXXL ) down
Meanwhile, airline stocks also dragged down the US market. Boeing ( (BA ) ended the day down more than (%, American Airlines ( AAL
fell more than (United Airlines) ( (UAL ) was down almost (% and Delta ( DAL) dropped 28%.
A conflict between Saudi Arabia and Russia over oil prices that began over the weekend is also taking a hit at global markets .
The New York Federal Reserve Announced on Thursday that it will pump more than $ 1 trillion into the markets in the coming days – an extraordinary step aimed at calming panicked investors. Many investors now expect that the US Fed will also further slash interest rates by next week’s meeting.