- Home
- Business
- RPT - US Stocks Plunge 2nd Day in Row as Americans Told to Brace For More Coronavirus Cases
RPT - US Stocks Plunge 2nd Day In Row As Americans Told To Brace For More Coronavirus Cases
Muhammad Irfan Published February 26, 2020 | 03:00 AM
WASHINGTON (UrduPoint News / Sputnik - 26th February, 2020) Stocks on Wall Street plunged again for their biggest two-day decline since 2018 as US officials warned that the spread of the coronavirus contagion might be inevitable in the world's largest economy.
All three of Wall Street's major stock indexes - the Dow Jones Industrial Average, the S&P 500 and Nasdaq Composite - fell about 3 percent each for a second day in a row on Tuesday, the first time since February 8, 2018.
Analysts warned that coronavirus concerns may prevent the market from bouncing back quickly.
"Risk aversion could easily remain in place over the next couple weeks on pandemic fears and investors may choose to wait to see if the selloff hits the 10 percent or 15 percent threshold, before jumping back in," said Ed Moya, equities analyst at OANDA in New York.
At the close, the Dow, Wall Street's broadest index, fell 3.2 percent to 27,081.
The S&P 500 index, which reflects the performance of the top 500 US stocks, tumbled 3 percent to 3,128.
The technology-heavy Nasdaq Composite slumped 2.8 percent to 8,966.
Tuesday's slump in stocks came as US health officials and lawmakers said they expected more coronavirus cases in the world's largest economy, and the spread of the disease might even be inevitable, as the Trump administration asked Congress for $2.5 billion in funding to fight the contagion.
The Centers for Disease Control and Prevention said the number of confirmed coronavirus cases in the United States had risen to 53, from 14 earlier this month. The coronavirus has so far infected more than 80,000 people globally, and killed at least 2,700, mostly in China.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 18 April 2024
Today Gold Rate in Pakistan 18 April 2024
Saka and Odegaard start for Arsenal, Guerreiro in Bayern midfield
Qatar PM says re-evaluating Israel-Hamas mediation role
Govt spokesperson terms allegations of PTI's Marwat against Saudi Arabia 'heinou ..
Minister appreciate UAE’s support for Pakistan economic challenges
Manchester City v Real Madrid Champions League starting line-ups
MIGA's support Pakistan in attracting foreign investments: Federal Minister for ..
Walker returns to captain Man City for Real Madrid clash
Action taken against price list violations in Khanewal district
DC chairs review meeting of DEG
Turkey accuses Israel's Netanyahu of using war 'to stay in power'
More Stories From Business
-
EXCHANGE RATES FOR CURRENCY NOTES
57 minutes ago -
Foreign exchange rates
1 hour ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 18 April 2024
2 hours ago -
Today Gold Rate in Pakistan 18 April 2024
2 hours ago -
Minister appreciate UAE’s support for Pakistan economic challenges
11 hours ago -
MIGA's support Pakistan in attracting foreign investments: Federal Minister for Finance, Muhammad Au ..
11 hours ago
-
International financial partners to invest $1.8 bln in KP: Advisor
12 hours ago -
Uzbek envoy invites FPCCI leadership to attend Tashkent Int'l Investment forum
13 hours ago -
Women development imperative for sustainable economic prosperity: Lansana Wonneh
13 hours ago -
Finance Minister, highlights geo-economic fragmentation, its impact on Pakistan
13 hours ago -
High Tobacco tax prevails over propaganda, reduces cigarette consumption
14 hours ago -
SECP grants registration to first digital insurer
15 hours ago