The Dow Jones Industrial Average dropped 2,997.20 points, or about 13%, as coronavirus measures rapidly expanded.
What We Know:
- According to NPR, The Dow, which closed at 20,188.52, has lost 31.7% since its record high Feb. 12 as the market plunges deeper into bear territory after an 11-year winning streak.
- The Dow Jones industrial average fell 2,997.10 points, or 12.9 percent — the second biggest percentage drop ever — to 20,188.52. That’s within spitting distance of 19,827.25, where the Dow closed the day of Trump’s inauguration on Jan. 20, 2017.
- The Dow’s dramatic drop Monday was the biggest since the Black Monday crash of October 1987, when the blue chip index lost 22%.
- The deep stock market sell-off reflects broad concerns that despite these economic measures, the U.S. economy is likely heading toward a recession.
- Numerous parts of the economy have come to an abrupt standstill.
- On Monday afternoon, most of the Bay Area shut down from a directive. San Mateo Mayor Joe Goethals said only police and fire departments, hospitals, grocery stores, pharmacies and a few other businesses will be allowed to remain open.
President Donald Trump has warned that the COVID-19 coronavirus pandemic might not be under control until July or August. On Monday, Trump said the administration is looking into the possibility of lockdowns for “certain areas” or “hot spots” across the country. When asked about the possibility of a national lockdown, he said it was not being considered currently.