US blue chip index plunged 1,700 points amid a frenetic week of trading that tipped the Dow into a bear market.
Traders on the floor of the New York Stock Exchange react at the closing bell Wednesday after the Dow tumbled nearly 1,500 points.
The blue chip index tipped into a bear market, ending a record 11-year stock rally.
The Dow Jones industrial average plunged nearly 1,700 points at the open Thursday following President Trump’s announcement that he would restrict all travel from Europe for 30 days to stem the spread of coronavirus.
U.S. markets reeled Wednesday after the World Health Organization declared the outbreak a pandemic, with the Dow shedding nearly 1,500 points to fall into a bear market, which marks a 20-percent drop its all-time high.
The WHO’s action reflected its view that nations aren’t working quickly or aggressively enough to fight covid-19, the disease caused by the coronavirus.
The pneumonia-like illness has spread to every continent save Antarctica since it first emerged in China late last year, sickening more than 120,000 people and claiming more than 4,300 lives.
More than 1,200 cases and 30 fatalities have been confirmed in the United States.
“The travel ban to Europe ex-UK was met with consternation, given that it is likely to put even more pressure on the travel industry and further reduce demand for oil,” Kristina Hooper, global market strategist at Invesco, said in an email to The Post.
“In addition, we seem to be a long way from actual passage of a fiscal stimulus package at a time when the stock market is eager to see legislation passed that directly addresses the economic problems created by the spread of the coronavirus and efforts to contain it.”
