Dow Suffers Worst Day Since 1987 In 2353-Point Skid

Investor’s Business Daily reports:

The Dow Jones Industrial Average pared a 2,000+ point intraday loss by half after the Federal Reserve announced additional stimulus measures to combat a spreading coronavirus outbreak in the U.S. But it didn’t take long for sellers to come back into the stock market.

On the NYSE, declining stocks swamped advancers by more than 35-to-1. Nasdaq decliners topped advancers by around 16-to-1.

More than 40 groups in IBD’s database (out of 197 groups) fell 10% or more, with airlines, banks, department stores, homebuilders and mining stocks leading the downside. Cruise line operators tanked again after Carnival (CCL) said its Princess Cruises unit would halt operations for 60 days.