Wall Street plunges to worst level in 12 years

 Publish date: Sat, 21 Mar 2020, 9:30 AM

NEW YORK: Wall Street wrapped up its worst week since Oct 2008, with the Dow Jones Industrial Average and S&P 500 sliding more than 4 per cent on Friday as tough restrictions imposed by New York and California to try to limit the spread of the Covid-19 coronavirus fuelled worries about damage to the US economy.

The Dow Jones Industrial Average fell 913.21 points, or 4.55 per cent, to 19,173.98, the S&P 500 lost 104.47 points, or 4.34 per cent, to 2,304.92 and the Nasdaq Composite dropped 271.06 points, or 3.79 per cent, to 6,879.52.

Friday's drop left the Dow down 3 per cent from when President Trump took office in Jan 2017.

All three major indexes registered their biggest weekly declines since Oct 2008, although the Cboe Volatility index - Wall Street's fear gauge - ended the day down at 66.04, in what some investors saw as a sign that selling may subside.

In early trade, the market briefly attempted to build on Thursday's gains as global policymakers turned on the taps to prop up financial markets reeling from weeks of heavy selling that ended Wall Street's record 11-year bull run.

Coronavirus fears have wiped off almost 32 per cent, or roughly US$9 trillion, from the value of the benchmark S&P index since its record closing high on Feb 19.

New York Governor Andrew Cuomo early on Friday ordered all non-essential workers to stay home. It followed on the heels of California's statewide "stay at home" order issued late on Thursday.

The moves by two of the most populous US states affects some 40 million people. Also, federal authorities this week moved to close the borders with Canada and Mexico, with more than 12,000 coronavirus cases having been confirmed in the United States as of Friday.

"The equity markets are still trying to get a handle on how bad the economy is going to be, and I think news of entire states being closed probably qualifies as incrementally negative," said Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee.

It affects "a lot of economic activity and a lot of businesses," Delwiche said.

Investors are now counting on further stimulus over the next few days, as the US Senate mulls a US$1 trillion package that would include direct financial help for Americans. 

"The bottom line here is the market is clearly actively anticipating the fiscal stimulus plan. It's almost like we're going to continue to be in these volatile swings until we get a little more clarity on how large that plan is," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

A Reuters poll of economists suggested the global economy was already in recession, while analysts at US stock market index operator S&P Global said volatility across geographies and asset classes was at record highs.

"Quadruple witching" added to choppy trading on Friday, with investors unwinding positions in futures and options contracts before their expiration.

AT&T Inc tumbled 8.7 per cent as the wireless carrier said the outbreak might have a material impact on financial results and canceled a US$4 billion share repurchase agreement.

The airlines sector rose 2.4 per cent after losing more than half its value since late February.

S&P 500 utilities fell 8.2 per cent on the day, leading sector declines.

Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.55-to-1 ratio favoured decliners.

The S&P 500 posted no new 52-week highs and 94 new lows; the Nasdaq Composite recorded 5 new highs and 257 new lows.

Volume on US exchanges was 18.56 billion shares, compared to the 15.5 billion average for the full session over the last 20 trading days. 

- Reuters

Share this

  Be the first to like this.
calvintaneng When market in total standstill and collapse US Govt steps in to provide Usd1000 cash to everyone

So Malaysia should continue brim at this time

Plus in President Rooselvet time he implemented mega infrar works that provided jobs when private sector jobs gone belly up

So PN Govt of Malaysia must hasten and give out more Govt stimulation jobs to spur the economy

Hasten Nfcp as planned

Hasten Rm20 billions stimulation works which Tun Dr Mahathir proposed when he was interim prime minister

Do not divert funds away thru corruption anymore.

Spend them as planned in an honest and transparent way for the country and rakyat

See to serve the nation above self interest for once
21/03/2020 12:19 PM
hollandking hahaha. NO GST, no money, given current condition, implement GST???? Suicidal. We can't print money like US and other big nations.
21/03/2020 12:20 PM
Philip ( what you can learn from RJ MITTE ) The early warning shots of NETX at 0.005 is here. Latest news from national newspapers as government struggles to divert resources to healthcare and social services. NFCP put on indefinite hold. Only payment for phase 1 and phase 2 OCT 2020 RFP tender canceled until due notice.

So... now what Mr Calvin? You said got tender. Please explain further. Government expanding resources to healthcare and military instead with their 50 billion allocation.

So.. without NFCP what does NETX have in its future?



Oil price has dropped to USD 22 per barrel. As demand and supply world wide plummet.

Oh no.


Government has started putting major projects on hold which is unnecessary to daily public and national importance.

Malaysia is looking at a shortfall of more than 58 billion ringgit for the allocation of public works due to cancellation of GST and shortfall from O&G revenue income.

NCFP project has been put on hold at all major states except Kelantan, Terrenganu, Sabah & Sarawak. Revision of packages to drop from 30 mb/s to 15mb/s speeds in rural locations.

Read more here:

21/03/2020 12:52 PM
calvintaneng Why you cannot believe in Philip because he has been caught lying all the time


21/03/2020 1:41 PM
calvintaneng Listen listen listen

Govt has designated Fiber as a utility just like water and electricity

So it is a necessity not an option

During the great depression USA built Bolder Dam or also called Hoover Dam

Calvin visited Hoover Dam when I was there as a tourist

Twice I drove on the left side of the road (in USA you drive on the right side). I also visited Lake Mead

Power and water are 2 Great Depression jobs that stimulated the US economy and provided jobs then when all private businesses failed

So Nfcp fiberisation jobs is Malaysia 's answer for economic stimulation
21/03/2020 1:41 PM
Jengacam2 All cancel la...wait covid cure first
21/03/2020 1:56 PM
calvintaneng No

Wet market

Food court with ta pau eat home


21/03/2020 2:04 PM
PotentialGhost All rubbish
23/03/2020 12:19 AM

I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Perform Technical & Fundamental Analysis on Stocks
MQ Affiliate
Earn rewards by referring your friends

654  231  427  609 

Top 10 Active Counters
 LAMBO 0.015+0.005 
 SAPNRG 0.11+0.005 
 HIBISCS 0.535+0.025 
 ARMADA 0.185+0.01 
 MINETEC 0.20+0.005 
 VELESTO 0.17+0.005 
 NETX 0.015+0.005 
 GAMUDA-WE 0.12+0.045 
 DBE 0.03+0.005 
 JAKS 1.01+0.125 


1. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
2. MQ Affiliate – A smarter way to earn more rewards MQ Trader Affiliate Program
3. MQ Affiliate – How to become an effective affiliate MQ Trader Affiliate Program
4. MQ Affiliate – Upgrading to Affiliate Partner MQ Trader Affiliate Program
Partners & Brokers