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The Dow Jones slumped over 1,300 points while the S&P 500 index shed almost 5% as of Wednesday, as the fears of the coronavirus effect grip most investors even more.
Another week almost over as coronavirus takes the stock market hostage. As of Wednesday, the Dow Jones Industrial Average (DJI) had shed over 1,300 points, hence hitting the19,898.92 mark, reciprocating to slightly above 6.3% amid the coronavirus outbreak. On the other hand, the industrial benchmark, the S&P 500 was not spared during the sell-off, as it shed almost 5% which saw it fix to 2,398.10.
At the time of writing, the S&P 500 was trying to recover the loss, despite having broken the previous day support level and also the all-time low of the past three years. If the index continues with the downtrend, all indicators are pointing towards the next stop point at 234.2. However, looking on the brighter side, this is the time to take advantage of if you are a long term investor, as, on the weekly chart, the rising trend is still valid.
On the contrary, as the coronavirus is spreading across the globe, Dow Jones has now seen a huge dip in the past few weeks, almost retesting the 2015 resistant level. Similarly with the S&P, the Dows on the weekly chart is indicating a rising channel that is still valid, as long as the coronavirus is tamed fast and soonest.
However, news from the Center for Disease Control and Prevention (CDC) is not pleasing to the eyes of most investors. This is because as of March 18, the total cases of confirmed coronavirus victims had surpassed 7,030 mark while the deaths topped 97 in the United States. Now, all the eyes roll on the pharm lab companies that are working hard to develop a vaccine or a cure that can finish the epidemic once and for all.
Coronavirus Spells More Dooms in Stock Market Ahead
To all, a moment of silence to the fallen heroes of coronavirus. To the infected, a quick recovery! And to the rest, be safe!
The stock market at large continues to be in red as coronavirus cases top 200,000 worldwide. On the other hand, the deaths officially reported have hit 8,900 a number that is too high just for four months into the epidemic. However, it is encouraging to note that the number of recovered victims have topped 85,749 at the time of writing, a number that is encouraging to view.
In addition to the two large stock index crashes, the Nasdaq composite fell 4.7% to hit 6.989.84. The crude oil continued with the drop, recording its third-worst decline on record. As a result of the sharp free fall, trading was briefly suspended for 15 after the ‘Circuit breaker’ was triggered to ensure an orderly market.