The Dow Jones Industrial Average plunged more than 1,800 points on Thursday and was on pace for its worst day since the March sell-off as coronavirus cases increased in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.
The 30-stock Dow traded 1,832 points lower, or 6.7%. The S&P 500 slid 5.7% while the Nasdaq Composite dropped 5%. Thursday’s losses also put the Dow on pace for its first three-day losing streak in a month. The S&P 500 was headed for its worst day since March 16.
Traders dumped airlines, cruise operators and retailers after piling into those names over the past month amid expectations of a swift economic recovery. Shares of United Airlines, Delta, American and Southwest all dropped more than 10%.