THE Dow Jones Industrial Average tanked over 1,000 points on Thursday, worsening fears of a coronavirus outbreak wreaking havoc on the global economy.
The recent losses on Wall Street extended a slide in stocks that had nixed solid gains the major indexes had logged earlier this year.
The Dow fell 1,190.95 points, or 4.4 per cent, its biggest single-day point decline in history, while Nasdaq dropped 414.29 points, or 4.6 per cent, to 8,566.48.
The S&P 500 also closed below 3,000 for the first time since last October, according to CNBC.
Thursday's losses relegate the Dow, S&P and Nasdaq into correction territory, which in non-Wall Street terms means that all three are down more than 10 per cent from their recent highs.
The market's sharp drop this week reflects increasing fears among many economists that the US and global economies could take a bigger hit from the coronavirus than they previously predicted.
Experts warned there was no sign of a let-up in the shares turmoil as the reality of the coronavirus spread kicks in across equity markets.
The market plunge will most likely weaken Americans' confidence in the US economy, even among those who haven't invested in the stock market.
Wall Street suffered its worst two-day losing streak in two years on Wednesday as markets in France and Germany fell as much as 2 per cent amid the fallout over the worldwide outbreak.
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