Stocks Plunge As Coronavirus Threat Intensifies

Dow Jones March 12 Plummet
Photo credit (Photo by Jeenah Moon/Getty Images)
By WBBM Newsradio 780 AM & 105.9 FM

Stocks continued their recent plunge on Wall Street Thursday, with all three of the indices closing down almost 10 percent for the session, as traders remain on high alert as the global economic impact of the virus appears to grow more severe each day.

The S&P 500 lost 260, the NASDAQ gave back 750 and the Dow Jones industrial average dropped 2,352 points, settling to 21,200.

The Dow saw its worst sell-off since the 1987 "Black Monday" market crash.

"This is epic amounts of selling and today, on a percentage basis, was the worst single day since the 1987 plunge," said Chuck Carlson, CEO of Horizon Investment Services.

“There is no doubt that if people want to see what panic selling looks like, just go back in your memory banks a few hours ago, and that's what panic selling looks like."

Carlson added that the time-tested Dow Theory has gone bearish and he would not be surprised to see further downside in the short-term.