Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

Dow suffers record decline in points as Wall Street leads global stocks lower

share with twitter share with LinkedIn share with facebook
share via e-mail
02/27/2020 | 05:24pm EDT
An SGX sign is pictured at Singapore Stock Exchange

The Dow industrials posted the largest-ever points drop on Thursday as Wall Street led stocks across the globe lower, with traders fretting over the economic impact of the spreading coronavirus.

Oil prices tumbled to their lowest in over a year and the benchmark U.S. Treasury yield set a record low.

No country should make the "fatal mistake" of assuming it will be spared the coronavirus, the World Health Organization said, as governments from Iran to Australia shut schools, canceled big events and stocked up on medical supplies in a race to contain the rapid global spread.

On Wall Street, the S&P 500 posted its largest percentage drop since August 2011 as rising numbers of new infections outside China raised fears of a pandemic with unknown economic implications.

"The path of this scourge is unknown therefore you can't know the economic impact. You can roll the dice but it's a guess," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

The Dow Jones Industrial Average fell 1,190.95 points, or 4.42%, to 25,766.64, the S&P 500 lost 137.63 points, or 4.42%, to 2,978.76 and the Nasdaq Composite dropped 414.30 points, or 4.61%, to 8,566.48.

The near 1,200 point drop for the Dow was its largest ever for a single session.

The pan-European STOXX 600 index lost 3.75%, for a more than 10% drop from its record closing high set last week.

MSCI's gauge of stocks across the globe shed 3.32%. Emerging market stocks lost 1.21%. Japan's Nikkei futures lost 4.34%.

(GRAPHIC: Daily market value loss - https://fingfx.thomsonreuters.com/gfx/buzzifr/15/7815/7815/Pasted%20Image.jpg)

The benchmark U.S. Treasury yield touched a record low below 1.25%.

U.S. 10-year notes last rose 11/32 in price to yield 1.2739%, from 1.31% late on Wednesday. The 30-year bond last rose 20/32 in price to yield 1.7714%, from 1.798%.

The dollar fell as investors bet that the Fed would cut interest rates to offset the impact of the spreading coronavirus. With U.S. rates relatively high, and the scope for them to fall much wider, investors are selling the greenback.

"Rate cut expectations have gained momentum and U.S. rate expectations are falling a lot more than they are in the euro zone," said Thu Lan Nguyen, an analyst at Commerzbank.

The dollar index fell 0.685%, the most in over a year, with the euro up 1.06% to $1.0997. Sterling was last trading at $1.2888, down 0.12% on the day.

The Japanese yen strengthened 0.66% versus the greenback at 109.70 per dollar.

Gold ended little changed after hitting a fresh 7-year high earlier.

Oil prices plunged on fears of a pandemic that could slow the global economy and dent demand for crude.

U.S. crude fell 5.03% to $46.28 per barrel and Brent was last at $51.36, down 3.87% on the day.

By Rodrigo Campos

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.22% 23719.37 Delayed Quote.-17.89%
NASDAQ 100 0.11% 8238.528822 Delayed Quote.-7.83%
NASDAQ COMP. 0.77% 8153.575088 Delayed Quote.-12.10%
NIKKEI 225 0.79% 19498.5 Real-time Quote.-19.89%
S&P 500 1.45% 2789.82 Delayed Quote.-14.88%
STOXX EUROPE 600 1.57% 331.8 Delayed Quote.-21.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Close Higher on Fed Action, Dow Rises 285 Points
DJ
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Close Higher on Fed Action, Dow Rises 285 Points
DJ
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Rise on Fed Action, Oil Rally
DJ
04/09LONDON STOCK EXCHANGE : FTSE 100 logs best week since 2009 on hopes of crisis easing
RE
04/09EUROPE : European shares post best week since 2011, focus on EU stimulus
RE
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Rise Amid Fed Action, Oil Rally
DJ
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Open Higher, Oil Rallies
DJ
04/09WALL STREET STOCK EXCHANGE : U.S. Stocks Open Higher, Oil Rallies
DJ
04/09GLOBAL MARKETS LIVE: Starbucks' earnings to tumble, Credit Suisse and UBS halve dividends…
04/09U.S. Stock Futures Waver, Oil Rallies
DJ
Latest news "Markets"