The Dow Jones Industrial Average suffered its biggest one-day blow since the market crash of 1987; digging deeper into its first bear market in a decade.
Blue chips tumbled 2,352 points on Thursday - for a massive 10 percent decline.
The S&P 500 and the Nasdaq posted sizable losses as well to join the Dow in bear market territory.
That's when stocks are down more than 20 percent from record highs… But stocks are now closer to a 30 percent below the high set just last month.
The selling was so fierce trading curbs were set off - temporarily halting trading for the second time this week.
And over in Europe - it was the worst day for stocks - ever.
The intense selling came after a surprise European travel ban by the White House fueled fears the coronavirus pandemic could drag the global economy into recession.
Thursday's losses came even as Federal Reserve announced it will pump half-a-trillion dollars into the financial system for short-term funding for banks.
James McDonald, CEO and Chief Investment Officer at Hercules Investments, sees more selling ahead.
SOUNDBITE (ENGLISH): JAMES MCDONALD, CEO/CHIEF INVESTMENT OFFICER, HERCULES INVESTMENTS, SAYING: "When earnings come down markets contract and so we have the double effect of the health scare and then the coming effect of economic contraction and when you're at the top of a bull cycle that's never gone as far and as high as it has this past cycle, you're going to see significant contraction; people taking money off the table and we expect the market to lose half of its value from its peak and at that point we'll go back in and start buying." Global airlines scrambled to adopt to the coming U.S. ban on European travel, with an exemption for the UK.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession was over or drawing to an end. Fred Katayama reports.
The S&P 500 and Dow fell Tuesday after recent strong gains, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time. Fred Katayama reports.
The New York Stock Exchange observed a moment of silence for eight minutes and 46 seconds to express "support for equality, justice and human rights" in the wake of widespread protests against police brutality and the death of George Floyd while in custody of Minneapolis police.
New York Governor Andrew Cuomo joined traders in putting on a face covering to mark the reopening of the iconic New York Stock Exchange trading floor, in another sign America is getting back to business. Conway G. Gittens reports.
Delta CEO Ed Bastian said the government should make it a mandate. However, he's not optimistic that a national mask requirement will happen. Bastian told CNN the airline industry has not issued a strong collective message asking the government to take that step. "We've had those discussions with the White House." "I feel strongly about it," Bastian added. "But I'm not sure some of my peers and other airlines feel the same way." Bastian said he's pessimistic that a mask mandate will happen.
Business Insider reports that in the wake of the novel coronavirus COVID-19 pandemic, Delta Air Lines has some bad news for its pilots. Next week, the airliner intends to tell over 2,500 of its pilots it may have to put them on furlough. Delta's SVP of flight operations, John Laughter, reportedly said in a memo that Delta has too many pilots given the low level of demand for flights. The airline has a total of over 14,000 pilots.
U.S. airlines are allowing people to China for the first time since the coronavirus pandemic started. According to Business Insider, Delta operates its first flight to China after shutting them down in February. The airline plans to have a twice-weekly service to China using Airbus A350 jets. Soon after Delta’s flight, United announced it would have its first flight to China on July 8, 2020.
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
Investors on Tuesday paused ahead of a Federal Reserve Meeting that could reveal the Fed's view on recent signs of economic recovery. No major policy announcements are expected when the US central bank's meeting wraps up on Wednesday. However, investors will scrutinize its remarks on the health of the economy, which has been reopening slowly after coronavirus-related closures. According to Reuters, the S&P 1500 airlines index declined 8.5% on Tuesday.
Wall Street bounced higher on Tuesday thanks to the combination of a historic retail sales figure, comments from the Fed chief, a positive study on a possible COVID-19 treatment and hopes for an infrastructure plan. Conway G. Gittens has the details.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
United Airlines said on Wednesday it was preparing to send notices of potential furloughs to 36,000 U.S.-based frontline employees, or about 45% of staff, as travel demand hit by the coronavirus pandemic struggles to recover. Conway G. Gittens reports.
United Airlines has warned of booking declines and potential furloughs due to new travel restrictions in an internal presentation to the carrier's employees, a person with knowledge of the matter told Reuters. Fred Katayama reports.
The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Fred Katayama reports.
Economist Max Wolff of Multivariate thinks the S&P 500 should be trading at 2300 instead of 3150. He tells Reuters' Fred Katayama that investors are ignoring negative news about the rising coronavirus cases and the renewed trade tensions with China.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.