Virus anxiety triggers biggest 1-day market drop since 2011

February 28, 2020 08:38

Worldwide markets have plummeted again, deepening a weeklong rout triggered by growing anxiety that the coronavirus will wreak havoc on the global economy. The sweeping selloff pushed the benchmark S&P 500 down 4.4 per cent, its worst one-day drop since 2011.

The Dow Jones Industrial Average tumbled nearly 1,200 points. The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago. That puts the index in what market watchers call a "correction," which some analysts have said was long overdue in this bull market, the longest in history.

Stocks are now headed for their worst week since October 2008, during the global financial crisis.

The losses extended a slide that has wiped out the solid gains major indexes posted early this year.

Travel to and from China is severely restricted, and shares of airlines, hotels and cruise operators have been punished in stock markets. As the virus spread beyond China, markets feared the economic issues in China could escalate globally.

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