Stock market enters 'fastest' correction in history
Coronavirus fears sent U.S. markets into correction territory on Thursday, down more than 10 percent from record highs after days of losses, reports CNBC.
The Dow Jones Industrial Average closed Thursday down almost 1,200 points, or over 4.4 percent, while the S&P 500 and Nasdaq Composite were each off 4.4 percent and 4.6 percent, respectively.
President Trump has sought to reassure investors that the coronavirus outbreak, which has affected countries around the world, is only a small worry for the stock market. He said Wednesday the market would recover, claiming the U.S. is "really prepared" for the virus and blaming Democratic presidential candidates for the dip. The Dow has lost more than 3,000 points this week.
The slip is the fastest the stock market has ever dipped into correction territory, per Deutsche Bank. The next-fastest decline occurred in 2018. The Dow and S&P 500 are on pace for their worst weekly performance since 2008, notes CNBC.
Incredible chart from Deutsche Bank's Torsten Slok. This is the fastest stock market correction in history pic.twitter.com/CEtY4t3CQS
— Joe Weisenthal (@TheStalwart) February 27, 2020
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