March 5 (UPI) — The Dow Jones Industrial Average fell nearly 1,000 points Thursday continuing a volatile week of trading spurred by concerns over COVID-19.
The Dow slid 969.58 points, or 3.58 percent, the S&P 500 dropped 3.39 percent and the Nasdaq Composite closed down 3.10 percent, erasing gains made Wednesday following the results of the Super Tuesday primaries.
Concerns over the coronavirus continued to affect the market as events throughout the world were canceled or postponed and a trade group on Thursday estimated that the airline industry could lose between $63 billion, if the outbreak is contained to current markets, and $113 billion if it spreads further.
American Airlines had its worst trading day since 2016 as its stock price fell 13.2 percent while United Airlines slid 13.4.
All three major markets were still on track for a 2 percent gain on the week after falling into correction territory last week.
The week began with a rebound Monday that saw the Dow rise nearly 1,300 points followed by a decline of about 785 points Tuesday despite an emergency rate cut by the Federal Reserve in response to concerns about the virus. The Dow on Wednesday had it’s second-highest day in history after former Vice President Joe Biden’s Super Tuesday performance before Thursday’s drop.
Bank stocks were affected as the 10-year Treasury yield fell below 0.9 percent, and JPMorgan and Bank of America both fell about 5 percent.
