By Jesse Cohen
Investing.com – Wall Street’s wild yo-yo week continued on Thursday, with the major U.S. indices plunging into bear market territory, as mounting fears over the economic impact of the coronavirus rattled sentiment.
Thursday’s rout came after yet another volatile session on Wall Street, which saw the longest bull run in U.S. stock market history come to a shuddering halt.
The ended its historic bull market run that began in March 2009 by closing in bear market territory, commonly defined as a 20% decline from a recent top.
The and Nasdaq joined the 30-stock blue-chip index in bear market territory on Thursday.
The latest selloff came in response to U.S. President Donald Trump’s decision to ban travel from Europe following a World Health Organization declaration that the coronavirus outbreak is now a pandemic.
He unveiled economic steps to counter the virus but his address from the Oval Office was light on medical measures beyond assurances that “the virus has no chance against us”.
The highly infectious disease that shut down most of China for much of February is spreading rapidly in Europe and increasingly in the United States, disrupting many corners of life from education to sports, entertainment and dining.
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— Reuters contributed to this report
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