CATASTROPHIC

Dow Drops 10 Percent in Worst Loss Since 1987 Crash

The losses were recorded even after the Fed provided $1.5 trillion in funding to save the market amid the coronavirus pandemic.

The Dow Jones Industrial Average fell nearly 10 percent on Thursday in the worst plunge since the 1987 stock market crash, as fears over the coronavirus pandemic continue to shake Wall Street. The Dow dropped 2,353 points at closing bell, while the S&P 500 and Nasdaq fell by over 9 percent. The catastrophic losses were recorded even after the Federal Reserve provided $1.5 trillion in funding to “address highly unusual disruptions” to the market as a result of the novel coronavirus outbreak. Quincy Krosby, a chief market strategist at Prudential Financial, told The New York Post that “you’re going to see a deterioration in the economic landscape, and we need these proposals intact and delivered as an emergency measure to cushion the economy,” referencing government spending packages needed to deal with the financial impact of the pandemic.