The roller-coster stomach-turning ride on Wall Street continues on Monday, as all three of the major U.S. stock market indices plummeted on the opening bell rang, with the Dow posting its worst day in more than three decades after erasing nearly 3,000 points, or -12.9%, its third-worst one-day percentage drop in history.
The S&P 500 fell -12%, reaching its lowest mark since December 2018. The Nasdaq suffered its worst day ever and was down -12.2%.
The S&P 500 means it has plummeted nearly -30% since setting a record less than a month ago, and it’s at its lowest point since the end of 2018.
Losses were steep on Monday, accelerating in the last half hour of trading after President Trump said the economy might be headed for a recession and asked Americans to avoid gatherings of more than ten people.
Furthermore, market worries mounted after the U.S. Federal Reserve ’emergency measures’ to cut rates over the weekend meant the economy is in much worse shape than previously believed.
Wall Street’s drop came even after the U.S. Federal Reserve slashed interest rates to near-zero on Sunday and announced a $750 billion asset-purchasing program.
Meanwhile, President Trump on Monday said the stock market would “take care of itself” as the Dow Jones Industrial Average plunged nearly 3,000 points.
“The market will be very strong as soon as we get rid of the virus,” Trump said at a White House.
At the close, the Dow Jones Industrial Average has dropped -2,997.10 points, or -12.93%, to close at 20,188.52.
The S&P 500 fell -324.86 points, or +11.98% to close at 2,386.13.
The tech-heavy Nasdaq Composite fell -970.28 points or -12.32% to 6,904.59.