Wallstreet on Thursday entered a bear run as investors continued the sell-off which has dragged stocks by more than 20% from the recent record highs. This comes after the World Health Organization declared the virus a global pandemic as cases approach 130,000 infections globally.
The S&P 500 declined by more than 7% at the opening bell, causing the New York Stock Exchange to apply a 15-minute circuit breaker. This is the second time trading was halted on Wall Street to prevent stocks from falling further. During Monday’s session, the S&P 500 collapsed 7%, activating level 1 circuit breaker.
The Dow dropped over 2,150 points losing 9.18% at 09:54 am ET while the Nasdaq 100 dropped by 7.42% at 10.00 am CET.
According to the Washington Post, the United States had earlier said it would impose a 30-day travel ban to and from Europe, a move that was disapproved by the EU saying the decision was taken unilaterally and without consultation.
| Dow | % Performance |
| 1 Week | -17.35% |
| 1 Month | -26.94% |
| 3 Month | -23.25% |
| YTD | -24.35% |
| 1 Year | -15.51% |
| Data Source | FX Pesa Kenya |
Oil & Aviation
In addition to the UAE and Saudis Move to increase output, fell further on Thursday mainly due to US Government’s EU travel ban. Boeing shares declined by more than 14% even as the aviation sectors continues to feel the impact of the pandemic.
The International Air Transport Association (IATA) earlier issued a statement saying the sector could lose more than $110 billion due to the virus outbreak.
Meanwhile, Bitcoin fell by more than 15% while ethereum and bitcoin cash dropped as well by 27.37% and 21.80% respectively spurred by constant fall in the energy markets.
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