Financial markets have continued to plunge in the wake of the corona virus pandemic. The U.S Market has experienced lows that analysts compare with the 2008 Financial crisis which saw the Dow Jones Industrial Average fall 777.6%, the largest single-day loss in Dow Jones history.
This changed on Monday when the Dow recorded its worst one-day point drop in history happening as president Trump suggested that the outbreak of the virus could last until July or August. The S&P 500 plummeted 12%, its worst day since 1987.
There have been speculations of market closure with the New York Stock Exchange issuing a statement reassuring investors that they plan to stay open despite rising concerns of a global recession. The Philippines became the first country to close its financial markets with the closures taking effect on Tuesday. This is in response to the tumbling of Philippine equities by more than 30% this year. The market is however set to resume operations on Thursday.
Closure of financial markets has happened before with the U.S Markets closing in 2001 after the 9/11 attack. Hong Kong and Greece have also previously shut down markets with the latest being Greece shutting down the market for 5 weeks in 2015.