Name: Plunging Wall Street stocks end record bull run
Brand: reuters.com
SKU: reuters-com-223
Availability: OnlineOnly

critic

Plunging Wall Street stocks end record bull run

preview

By NEW YORK (Reuters) - Wall Street tanked on Thursday, slamming the book on the longest-ever U.S. bull market after new travel restrictions to curb the coronavirus spread spooked investors and rattled world markets.President Donald Trump’s Europe travel ban, announced late Wednesday, sent all three major U.S. stock indexes into a tailspin, with the S&amp;P 500 and the Nasdaq confirming their first bear market since the financial crisis.The blue chip Dow suffered its worst one-day loss since October 1987’s “Black Monday.”The benchmark S&amp;P 500 and the Nasdaq have lost over a quarter of their value since reaching record closing highs just 16 sessions ago, as nations around the world grapple with how to contain the fast-moving coronavirus and its economic effects.A bear market is confirmed when an index sinks 20% or more below its most recent closing high.“The continued negative action in the market is telling us whatever’s been done so far hasn’t been enough,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “People can’t point to a tangible outcome that’s going to restore normal daily life, so uncertainty remains.“Prominent organizations, educational institutions and even sports leagues are foregoing events out of caution,” Sroka added. “Leading institutions around the world are setting the tone. We’re cautious because they’re telling us to be cautious.”Related CoverageThe U.S. Federal Reserve is expected to cut interest rates for the second time this month at the conclusion of its two-day monetary policy scheduled for next week.U.S. Treasury yields tumbled as anticipation grew for aggressive easing on the part of the Fed.The New York Federal Reserve announced on Thursday that it would introduce $1.5 trillion in new repo operations this week.Slideshow “Any government action that has dollars tied to it that’s actionable for the banking system would be viewed as a positive,” Sroka said. “But what the market is looking for is tangible evidence that the government is trying to stave off a recession.”Slideshow The Trump travel ban also hit oil prices, sending front-month Brent crude down 8.6%. Oil prices were already under pressure after Saudi Arabia and Russia vowed to boost production, flooding the market with supply despite plummeting demand.All 11 major sectors of the S&amp;P 500 closed sharply lower.Declining issues outnumbered advancing ones on the NYSE by a 23.77-to-1 ratio; on Nasdaq, a 17.69-to-1 ratio favored decliners.The S&amp;P 500 posted no new 52-week highs and 336 new lows; the Nasdaq Composite recorded 3 new highs and 1,573 new lows.Volume on U.S. exchanges was 18.54 billion shares, compared with the 12.49 billion average over the last 20 trading days.Reporting by Stephen Culp; Editing by Dan GreblerOur Standards:

By NEW YORK (Reuters) - Wall Street tanked on Thursday, slamming the book on the longest-ever U.S. bull market after new travel restrictions to curb the coronavirus spread spooked investors and rattled world markets.President Donald Trump’s Europe travel ban, announced late Wednesday, sent all three major U.S. stock indexes into a tailspin, with the S&amp;P 500 and the Nasdaq confirming their first bear market since the financial crisis.The blue chip Dow suffered its worst one-day loss since October 1987’s “Black Monday.”The benchmark S&amp;P 500 and the Nasdaq have lost over a quarter of...

public

Stephen Culp

Top and breaking news, pictures and videos from Reuters. For more breaking business news, follow @ReutersBiz.

reuters.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Plunging Wall Street stocks end record bull run

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS