The Dow has lost all the gains it amassed since President Trump took office more than three years ago, sinking on Wednesday as fears about the coronavirus kneecapping the economy tightened their grip on Wall Street.
The Dow Jones industrial average got halted shortly after 1 p.m. by a marketwide “circuit breaker” as it plunged 1,660.63 points, or 7.8 percent, to 19,808.90 — dipping below the blue-chip index’s close of 19,827.25 the day Trump took office on Jan. 20, 2017.
The Nasdaq was recently off 7.4 percent at 6,794.36. All three indexes have now slid 30 percent from their February highs.
Stocks had surged Tuesday as the Trump administration pushed for a coronavirus spending package that could grow to more than $1 trillion.
But those hopes appeared to fade Wednesday as the number of cases worldwide surpassed 200,000 and millions of people remained shut in their homes.
“The greatest market ever is gone,” said Donald Selkin, chief market strategist at Newbridge Securities.
The rout in stocks came as oil prices plummeted to their lowest levels in more than 18 years. »