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Dow Plunges Nearly 1.2K on Outbreak Fears

Market closes in correction territory
By Newser Editors and Wire Services
Posted Feb 27, 2020 3:00 PM CST

(Newser) – The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havov on the global economy, the AP reports. Bond prices soared again as investors sought safe places to park money, sending the yield on the 10-year Treasury to another record low. More companies including Microsoft are warning their results will be hurt. The S&P 500 lost 137 points, or 4.4%, to 2,978. The Nasdaq fell 414 points, or 4.6%, to 8,566. The Dow dove 1,191 points, or 4.4%, to 25,766, its worst single-day drop ever; it closed in correction territory. CNBC reports there have been 26 market corrections since World War II prior to Thursday, with an average decline of 13.7%; on average, recoveries have taken four months. ABC News reports this marks the worst week for US stocks since the 2008 financial crisis. (Read more stock market stories.)

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