INSUBCONTINENT EXCLUSIVE:
Wall Street stocks suffered another brutal rout Wednesday, pushing the Dow into a "bear market" after the latest series of event
cancelations and company warnings rattled investors.
The Dow Jones Industrial Average plunged around 1,465 points, or 5.9 percent, to
23,553.22.
The broad-based S-P 500 slumped 4.9 percent to 2,741.38, while the tech-rich Nasdaq Composite Index shed 4.7 percent to
7,952.05.
Wednesday's session puts the Dow down more than 20 percent from its peak, making it a bear market.
The latest announcements
included the cancelation of the Houston Rodeo and the World Figure Skating Championships, which had been scheduled to take place in
Montreal.
Washington state and San Francisco announced bans on mass events, while hotel chain Hilton became the latest big company to
withdraw its earnings forecast due to the clouded economic forecast.
"All these announcements coming out are sending people running for the
hills," said Maris Ogg of Tower Bridge Advisors
"It's still gonna take some time until the market gets past the panic."
The World Health Organization called the new coronavirus outbreak
a pandemic, issuing a grim warning that the global spread and severity of the illness was due to "alarming levels of inaction".
While stocks
rallied on Tuesday, equities have been on a broad downward trend for the last three weeks or so as the coronavirus has morphed from a
China-centered problem to a global worry, threatening the 11-year "bull" market for US stocks.
There have been more than 124,000 confirmed
cases of the virus, with more than 4,500 fatalities as the virus has spread to more than 100 countries and territories.
US Treasury
Secretary Steven Mnuchin told a congressional panel the administration was "working full time" on a package, although key lawmakers balked
at a payroll tax relief plan floated by the administration.
Travel-linked stocks remained an especially ugly sector, with Marriott
International down 9.0 percent, United Airlines 6.1 percent and Expedia 10.8 percent.
Boeing was the biggest loser in the Dow, slumping 18.2
percent as it announced it was suspending most hiring and overtime pay as it works to conserve cash in the face of twin crises: the
grounding of the 737 MAX and a massive slowdown in travel due to coronavirus.