The Dow Jones Industrial Average suffered its biggest one-day blow since the market crash of 1987; digging deeper into its first bear market in a decade.
Blue chips tumbled 2,352 points on Thursday - for a massive 10 percent decline.
The S&P 500 and the Nasdaq posted sizable losses as well to join the Dow in bear market territory.
That's when stocks are down more than 20 percent from record highs… But stocks are now closer to a 30 percent below the high set just last month.
The selling was so fierce trading curbs were set off - temporarily halting trading for the second time this week.
And over in Europe - it was the worst day for stocks - ever.
The intense selling came after a surprise European travel ban by the White House fueled fears the coronavirus pandemic could drag the global economy into recession.
Thursday's losses came even as Federal Reserve announced it will pump half-a-trillion dollars into the financial system for short-term funding for banks.
James McDonald, CEO and Chief Investment Officer at Hercules Investments, sees more selling ahead.
SOUNDBITE (ENGLISH): JAMES MCDONALD, CEO/CHIEF INVESTMENT OFFICER, HERCULES INVESTMENTS, SAYING: "When earnings come down markets contract and so we have the double effect of the health scare and then the coming effect of economic contraction and when you're at the top of a bull cycle that's never gone as far and as high as it has this past cycle, you're going to see significant contraction; people taking money off the table and we expect the market to lose half of its value from its peak and at that point we'll go back in and start buying." Global airlines scrambled to adopt to the coming U.S. ban on European travel, with an exemption for the UK.
On Monday, US stocks rose. AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%. This is the third COVID-19 vaccine said to have surpassed the Food and Drug Administration's requirement of 50% effectiveness. S&P 500: 3,580.82, up 0.7% Dow Jones industrial average: 29,473.41, up 0.7% (210 points) Nasdaq composite: 11,929.04, up 0.6%
The Dow jumped more than 800 points and the S&P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial. Fred Katayama reports.
On Monday, phrama giant Pfizer revealed positive COVID-19 vaccine news. The news sent shares of stay-at-home stocks like Netflix plummeting on Monday. Netflix itself fell as much as 9%, even as major indexes like the S&P 500 and Dow Jones industrial average soared to record highs. Consumers flocked to entertainment alternatives amid the lengthy stay-at-home orders. Netflix saw a spike in subscribers due to the COVID-19 pandemic.
DoorDash, the U.S. food delivery startup backed by SoftBank Group, made public on Friday its regulatory filing for a listing on the New York Stock Exchange, setting the stage for a blockbuster IPO before the end of the year. Fred Katayama reports.
Hundreds of thousands of residents in Louisiana were left without power while homes that took a beating just weeks ago from Hurricane Laura were now damaged further on Friday from Hurricane Delta. Conway G.Gittens reports.
Hurricane Delta made landfall in the southwestern region of Louisiana as a Category 2 storm Friday. The center of the hurricane reached land about 6 p.m. near the town of Creole with top winds of 100 mph. The National Hurricane Center predicted the storm surge could reach up to 11 feet. Residents in the area steeled themselves as Delta delivered bands of rain, strong winds, and rising waters. Hurricane Laura barreled through the area in late August and killed at least 27 people in the state.
The streets of southwest Louisiana were deserted as a powerful Hurricane Delta approached, threatening to add misery to people struggling to recover from the damage inflicted by a hurricane less than two months ago. Freddie Joyner has more.
House speaker Nancy Pelosi went after Treasury Secretary Steven Mnuchin on Friday for his decision to end some Federal Reserve COVID-19 emergency lending programs, a move also criticized by many Fed officials. Conway G. Gittens reports.
The U.S. Senate on Tuesday blocked President Donald Trump's controversial nomination of Judy Shelton to the Federal Reserve's board, though a White House spokesman expressed confidence she would eventually be confirmed. This report produced by Yahaira Jacquez.
AIMIM's president Asaduddin Owaisi on September 29 announced the formation of a United Democratic Secular Alliance with Devendra Prasad Yadav (Samajwadi Janata Dal Democratic) for Bihar elections. Owaisi said, "We have formed a United Democratic Secular Alliance with Devendra Prasad Yadav. The people of Bihar are tired of CM Nitish Kumar, they want a viable option which we'll hopefully be able to provide them."
The Nasdaq closed higher on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress against a virus surge and likely timing for a economic rebound. Fred Katayama reports.
The Nasdaq closed lower on Tuesday as investors sold off technology stocks that benefited from virus lockdowns and favored the sectors that suffered most during the pandemic on optimism that a COVID-19 vaccine would turn around the economy. Fred Katayama reports.
U.S. stocks jumped on Thursday, as investors bet Republicans would retain control of the Senate and block any major policy changes under a possible Joe Biden White House that could dampen corporate profits. Fred Katayama reports.
BTS have told their UK fans they can't wait to meet them again after having to cancel shows because of the coronavirus pandemic.
Speaking to ITV News, the K-pop stars gave a message to fans disappointed by the cancellation of the two concerts in London in July.
The band, who are from South Korea, have been in the country since the coronavirus outbreak. Report by Shoulderg. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Duke of Cambridge has voiced concerns about fathers who “just don’t knowwhat to do” during a chat with men whose parenting skills have been supportedby a charity. William said he worried some fathers “don’t know where to go”for help, as he and Kate spoke to the group who have attended fatherhoodcourses run by Future Men, a London-based charity providing guidance to menand boys. The duchess has made championing the early years development ofchildren one of the main pillars of her public work and the results of herlandmark national survey about the issue are expected in the coming days.
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