FTSE panic as Dow
Jones on brink of being bear market with 20% plummet.
THE Dow Jones index
plummeted by almost 1,500 points as Wall Street traders got the jitters on the
day the World Health Organisation declared the ongoing coronavirus outbreak a
global pandemic – while shares on this side of the Atlantic also took a pasting,
with the FTSE 100 down almost 170 points.
In a grim day of
trading on both sides of the Atlantic, the FTSE 100 fell in the red after the
Chancellor’s 2020 Budget in the House of Commons on Wednesday. The index was
trading about 0.2 percent lower but fell by as much as 0.5 percent while Mr.
Sunak was speaking. Then the Dow Jones has plummeted by roughly 1,000 points
within the first hour of opening, and continue to drop throughout the day,
putting it firmly in “bear” territory after losing more than 20 percent
of its value compared with its record closing high last month.
The Dow Jones has
plummeted by around 1,000 points within the first hour.
It plunged further by
200 points after the World Health Organisation (WHO) declared the coronavirus
outbreak a global pandemic, further denting confidence.
It comes as markets
have plunged this week – triggering fears of a global recession, as coronavirus
impacts the globe.
David Spika, the
president of GuideStone Capital Management, admitted: “We have no idea when the
coronavirus, the spread, is going to subside.
“That
uncertainty is going to continue to create a lot of volatility.
“We have no idea how
to model it, we have no idea what to expect from it.”
At the start of
trading today, the FTSE 100 stood at 5,960.23 points.
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