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You can find the current article at its original source at https://www.theguardian.com/business/live/2020/mar/12/stock-markets-tumble-trump-europe-travel-ban-ecb-christine-lagarde-business-live
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| Wall Street and FTSE 100 plunge on worst day since 1987 – as it happened | |
| (32 minutes later) | |
| Britain’s FTSE 100 index has endured its worst day since 1987 as world stock markets plunge again | Britain’s FTSE 100 index has endured its worst day since 1987 as world stock markets plunge again |
| Finally, here’s a reminder of today’s shock moves, from Jasper and our colleague Richard Partington: | |
| Goodnight, and good luck. GW and JJ | |
| Bitcoin is continuing to slump -- at a pace that dwarfs the stock market tumbles today: | |
| Although other assets have suffered similarly steep declines in recent weeks: | |
| Tho’ markets in the US and Europe are closed, the futures markets are still open. | Tho’ markets in the US and Europe are closed, the futures markets are still open. |
| And they suggest markets are going to fall again tomorrow, with the German DAX currently 3% lower on IG’s overnight futures trading. | And they suggest markets are going to fall again tomorrow, with the German DAX currently 3% lower on IG’s overnight futures trading. |
| Not a good sign for Friday. But then, as nothing’s improved, why should it be? | Not a good sign for Friday. But then, as nothing’s improved, why should it be? |
| Two weeks ago, the Dow suffered its biggest points fall ever -- 1,190 points, or 4.4%. | Two weeks ago, the Dow suffered its biggest points fall ever -- 1,190 points, or 4.4%. |
| That felt like a lot at the time. Today’s slump is more than TWICE as bad, in both points and percentage terms. | That felt like a lot at the time. Today’s slump is more than TWICE as bad, in both points and percentage terms. |
| I quite forgot to give you the Dow’s closing price! Sorry. Probably the shock. | I quite forgot to give you the Dow’s closing price! Sorry. Probably the shock. |
| Here it is, and the tech-focused Nasdaq too. | Here it is, and the tech-focused Nasdaq too. |
| Dow: down 2,352 points or 9.99% at 21,200. | Dow: down 2,352 points or 9.99% at 21,200. |
| Nasdaq: down 750 points or 9.43% at 7,201 | Nasdaq: down 750 points or 9.43% at 7,201 |
| The Dow Jones industrial average has also suffered its worst day since the 1987 crash. | The Dow Jones industrial average has also suffered its worst day since the 1987 crash. |
| Despite the Federal Reserve’s $1.5trn intervention, stocks have plunged very, very sharply again. | Despite the Federal Reserve’s $1.5trn intervention, stocks have plunged very, very sharply again. |
| That’s worrying -- the news that the Fed was aggressively providing liquidity to address this week’s market turmoil has been swept aside by investors. | That’s worrying -- the news that the Fed was aggressively providing liquidity to address this week’s market turmoil has been swept aside by investors. |
| NEWSFLASH: America’s S&P 500 index has plunged into a bear market tonight, after another day of shocking losses. | NEWSFLASH: America’s S&P 500 index has plunged into a bear market tonight, after another day of shocking losses. |
| The S&P 500 has just closed, down 260 points or 9.51% at 2,480. | The S&P 500 has just closed, down 260 points or 9.51% at 2,480. |
| That’s its worst one-day fall since 1987 -- matching the historic losses in Europe today. | That’s its worst one-day fall since 1987 -- matching the historic losses in Europe today. |
| Baseball’s only sport. Just like the markets are only money. | Baseball’s only sport. Just like the markets are only money. |
| But the postponement of America’s Major League Baseball season tonight brings home to Wall Street just how much of an impact Covid-19 is going to have, | But the postponement of America’s Major League Baseball season tonight brings home to Wall Street just how much of an impact Covid-19 is going to have, |
| With just 10 minutes to go, Wall Street is still showing heavy losses again. | With just 10 minutes to go, Wall Street is still showing heavy losses again. |
| The S&P 500 is down 8%, which means it will be in a bear market when the closing bell rings, while the Dow Jones industrial average is down 2,120 points or 9%. | The S&P 500 is down 8%, which means it will be in a bear market when the closing bell rings, while the Dow Jones industrial average is down 2,120 points or 9%. |
| The International Air Transport Association, which represents most of the world’s airlines, has warned that President Donald Trump’s shock ban on visitors from most of Europe could drive some carriers out of business: | The International Air Transport Association, which represents most of the world’s airlines, has warned that President Donald Trump’s shock ban on visitors from most of Europe could drive some carriers out of business: |
| IATA had already predicted that the crisis could wipe out over $100bn of revenue - but even that extreme scenario didn’t include such severe measures. | IATA had already predicted that the crisis could wipe out over $100bn of revenue - but even that extreme scenario didn’t include such severe measures. |
| Société Générale strategist Albert Edwards, who has long been predicting an economic downturn, has warned today that stock markets are still very vulnerable - and shouldn’t be regarded as at bargain levels. | Société Générale strategist Albert Edwards, who has long been predicting an economic downturn, has warned today that stock markets are still very vulnerable - and shouldn’t be regarded as at bargain levels. |
| Edwards (known as a perma-bear in City circles) wrote: | Edwards (known as a perma-bear in City circles) wrote: |