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You can find the current article at its original source at https://www.theguardian.com/business/live/2020/feb/25/stock-market-sell-off-coronavirus-companies-croda-dow-ftse-business-live
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| FTSE 100 hits one-year closing low, as Wall Street slides again – business live | FTSE 100 hits one-year closing low, as Wall Street slides again – business live |
| (32 minutes later) | |
| European markets have suffered a second day of heavy losses as new coronavirus cases are reported | European markets have suffered a second day of heavy losses as new coronavirus cases are reported |
| Newsflash: Wall Street has suffered its second day of heavy losses. | |
| The Dow has just closed, down 3.15%. That is a loss of 879 points, to 27,081, on top of the 1,000 shed in yesterday’s rout. | |
| Investors are clearly very worried about the latest jump in Covid-19 cases, including in Europe, and afraid there’s lots more to come. | |
| Wall Street is staggering to the finishing line, after a torrid session. | Wall Street is staggering to the finishing line, after a torrid session. |
| With 10 minutes left, the Dow is 789 points down at 27,171 (-2.82%), having been over 900 points south a few minutes earlier.,... | With 10 minutes left, the Dow is 789 points down at 27,171 (-2.82%), having been over 900 points south a few minutes earlier.,... |
| The oil price has also fallen sharply today, hitting a two-week low. | The oil price has also fallen sharply today, hitting a two-week low. |
| Again, that reflects fears of a global slowdown. | Again, that reflects fears of a global slowdown. |
| Marketwatch has the details: | Marketwatch has the details: |
| Crumbs... with just ninety minutes to go, the Dow is flirting with its second quadruple-digit plunge in a row. | Crumbs... with just ninety minutes to go, the Dow is flirting with its second quadruple-digit plunge in a row. |
| It’s now down 900 points. | It’s now down 900 points. |
| The worst-performing sectors in New York today are mining companies, industrial companies, banks and energy firms. | The worst-performing sectors in New York today are mining companies, industrial companies, banks and energy firms. |
| They all suffer when investors worry that the global economy is stumbling, meaning less demand for iron ore, oil and manufactured foods -- and higher debt defaults. | They all suffer when investors worry that the global economy is stumbling, meaning less demand for iron ore, oil and manufactured foods -- and higher debt defaults. |
| .....Make that down 3%! | .....Make that down 3%! |
| The Dow is now down 821 points this session, as the selloff intensifies dramatically. | The Dow is now down 821 points this session, as the selloff intensifies dramatically. |
| The US stock market is down 2.5% since Donald Trump tweeted that it was “starting to look very good to me!” | The US stock market is down 2.5% since Donald Trump tweeted that it was “starting to look very good to me!” |
| A fresh wave of selling has knocked the Dow down by almost 700 points, or 2.5%, to 27,270. | A fresh wave of selling has knocked the Dow down by almost 700 points, or 2.5%, to 27,270. |
| That’s its lowest level of 2020, and on track for its lowest close since the start of November last year. | That’s its lowest level of 2020, and on track for its lowest close since the start of November last year. |
| Despite Kudlow’s best efforts, the Dow is now down 621 points today - knocking another 2.2% off the index. | Despite Kudlow’s best efforts, the Dow is now down 621 points today - knocking another 2.2% off the index. |
| The White House has sent Larry Kudlow, head of the National Economic Council, into action to calm the market rout. | The White House has sent Larry Kudlow, head of the National Economic Council, into action to calm the market rout. |
| Kudlow has tried his best, telling CNBC that the US economy is “holding up nicely”. | Kudlow has tried his best, telling CNBC that the US economy is “holding up nicely”. |
| He declared: | He declared: |
| Kudlow added that while Covid-19 is a “human tragedy,” it will probably also not be an “economic tragedy.” | Kudlow added that while Covid-19 is a “human tragedy,” it will probably also not be an “economic tragedy.” |
| But.... arguably it’s too early to see the impact of the recent disruption in the economic data (certainly the ‘hard’ data that policymakers rely on). | But.... arguably it’s too early to see the impact of the recent disruption in the economic data (certainly the ‘hard’ data that policymakers rely on). |
| Also, the key to this crisis is government response. U.S. Senator Richard Blumenthal of Connecticut says the US is falling short here: | Also, the key to this crisis is government response. U.S. Senator Richard Blumenthal of Connecticut says the US is falling short here: |
| Ouch! The Dow is now down 2% today, having lost 579 points to trade at 27,381. | Ouch! The Dow is now down 2% today, having lost 579 points to trade at 27,381. |
| American Express is the biggest faller, down over 4%, followed by chemicals firm Dow (3.8%), Visa (-3.6%) and Cisco (-3.3%). | American Express is the biggest faller, down over 4%, followed by chemicals firm Dow (3.8%), Visa (-3.6%) and Cisco (-3.3%). |
| Here’s the message that sent Wall Street sliding again today: | Here’s the message that sent Wall Street sliding again today: |
| While stocks are slumping again, Wall Street’s fear index is rising. | While stocks are slumping again, Wall Street’s fear index is rising. |
| The VIX index, which tracks volatility, has jumped by over 8% today: | The VIX index, which tracks volatility, has jumped by over 8% today: |
| Newsflash: US government bond prices have just hit a record high, as investors dash for safety. | Newsflash: US government bond prices have just hit a record high, as investors dash for safety. |
| This has driven the yield, or interest rate, on 10-year Treasury bills down to just 1.32%, its lowest ever level. | This has driven the yield, or interest rate, on 10-year Treasury bills down to just 1.32%, its lowest ever level. |
| That indicates a lot of nervousness about US growth prospects in the face of the coronavirus threat. It also shows that investors who have been selling shares today are putting the money into safer assets (and US government bonds are as safe as it gets). | That indicates a lot of nervousness about US growth prospects in the face of the coronavirus threat. It also shows that investors who have been selling shares today are putting the money into safer assets (and US government bonds are as safe as it gets). |
| Back in New York, stocks are hitting fresh lows as Americans are warned to prepare for Covid-19. | Back in New York, stocks are hitting fresh lows as Americans are warned to prepare for Covid-19. |
| The Dow Jones industrial average is now down 522.51 points, or 1.87%, in a fresh bout of anxious selling. | The Dow Jones industrial average is now down 522.51 points, or 1.87%, in a fresh bout of anxious selling. |
| The slide comes as America’s Centers for Disease Control and Prevention (CDC) said people should prepare for COVID-19 to spread in their communities, following a jump in cases abroad. | The slide comes as America’s Centers for Disease Control and Prevention (CDC) said people should prepare for COVID-19 to spread in their communities, following a jump in cases abroad. |
| Dr. Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, warned: | Dr. Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, warned: |
| Sam Tombs of Pantheon Economics reckons the UK economy is less vulnerable to the coronavirus crisis than other countries, for several reasons including: | Sam Tombs of Pantheon Economics reckons the UK economy is less vulnerable to the coronavirus crisis than other countries, for several reasons including: |
| Ample spare industrial capacity means manufacturing output can recover quickly after disruptions fade. | Ample spare industrial capacity means manufacturing output can recover quickly after disruptions fade. |
| U.K. tourists’ spending abroad exceeds overseas tourists’ spending in Britain by 50%; less flying can lift GDP. | U.K. tourists’ spending abroad exceeds overseas tourists’ spending in Britain by 50%; less flying can lift GDP. |
| We see no sign yet that U.K. consumers are altering their behaviour in surveys or online search data. | We see no sign yet that U.K. consumers are altering their behaviour in surveys or online search data. |
| JP Morgan’s Jamie Dimon has, it seems, found a reason to be cheerful about coronavirus: | JP Morgan’s Jamie Dimon has, it seems, found a reason to be cheerful about coronavirus: |
| The World Economic Forum would certainly be a good place for Covid-19 to spread -- as thousands of attendees cram into its congress centre (and the parties outside). | The World Economic Forum would certainly be a good place for Covid-19 to spread -- as thousands of attendees cram into its congress centre (and the parties outside). |
| However.... WEF wrapped up a month ago, so attendees would surely have been struck down by now. | However.... WEF wrapped up a month ago, so attendees would surely have been struck down by now. |