Dow posts its worst 1st day of a quarter ever

1010 WINS Newsroom
April 01, 2020 - 4:39 pm
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NEW YORK (AP) -- The Dow Jones Industrial Average posted its worst first day of a quarter ever on Wednesday.

Wall Street and markets around the world fell sharply as the economic and physical toll caused by the coronavirus outbreak mounts — and as experts say they still can’t predict when it will end.

The S&P 500 lost 4.4% after the White House said anywhere from 100,000 to 240,000 Americans could die from COVID-19, even if the country follows guidelines to avoid shopping trips, eating at restaurants and other activities through April. Florida’s governor became the latest to issue a statewide stay-at-home order.

Such restrictions have already deeply gashed the economy, and Whiting Petroleum, one of the biggest drillers in the Bakken shale formation, filed for Chapter 11 bankruptcy protection Wednesday, with the price of oil near $20 a barrel. Automakers also reported sharp drops in U.S. sales for March, including a 43% plunge for Hyundai. Mortgage applications tumbled 24% from year-ago levels as open houses are all but shut down.

"There is a lot of uncertainty," said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. "The negative news is really taking over."