New York Stock Market Drops Over 10% Again... Widening Decline Compared to Europe

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The US New York stock market plummeted on the 18th (local time), triggering a circuit breaker that halted trading for 15 minutes, but the decline is deepening. The New York stock market is experiencing a greater shock than Europe, which has surpassed China as the most severe outbreak area of the novel coronavirus infection (COVID-19).

On this day, the New York stock market halted trading when the S&P 500 index dropped over 7% around noon. After trading resumed, the S&P 500 index was down 9.72% at 2,283.36 points as of 2:25 PM. The circuit breaker is triggered when the S&P 500 index falls more than 7%, and it has been activated four times in the past ten days.

The Dow Jones Industrial Average also traded down 10.78% at 18,947.47. The Nasdaq index, which is tech-stock focused, also showed a decline in the 8% range.

The New York stock market had rebounded the day before after news that the US Federal Reserve (Fed) had begun purchasing commercial paper (CP) and the US government was preparing a $1 trillion economic stimulus package, but it plunged again within a day.

The decline in the US stock market is also more pronounced compared to Europe. On this day, the FTSE 100 index of the London Stock Exchange closed down 4.05% at 5,080.58. The CAC 40 index of the Paris Stock Exchange fell 5.94% to 3,754.84, and the DAX index of the Frankfurt Stock Exchange closed down 5.56% at 8,441.71.

The FTSE MIB index of Italy, which has the highest number of confirmed cases in Europe, recorded a limited decline of 1.27% at 15,120.48.

This content was produced with the assistance of AI translation services.