Dow Plunges at the Open, Then Keeps Sinking

Was down more than 1K points just shy of 90 minutes into trading
By Newser Editors and Wire Services
Posted Mar 11, 2020 8:36 AM CDT
Updated Mar 11, 2020 9:50 AM CDT
After Big Day on Tuesday, Dow Takes Plunge at the Open
Specialists Peter Mazza, right, and David Haubner work on the floor of the New York Stock Exchange, Tuesday, March 10, 2020.   (AP Photo/Richard Drew)

(Newser) – "What goes up must come down" seems to be the rule of thumb as of late. Though the Dow finished up 1,167 points on Tuesday, Dow futures were down 811 points a half-hour before the opening bell, and stocks did indeed plunge at the open, with the Dow down 3%, or about 750 points. By 10:50am ET, it had edged to a 4% drop, trading down more than 1,000 points at one point. Elsewhere, European stock markets edged up after Asian shares mostly declined, as governments were ramping up aid for economies reeling from the novel coronavirus outbreak.

The AP reports Japan's benchmark Nikkei 225 lost 2.3% to finish at 19,416.06. Australia's S&P/ASX 200 plunged 3.6% to 5,725.90. South Korea's Kospi shed 2.8% to 1,908.27. Hong Kong's Hang Seng fell 0.6% to 25,231.61, while the Shanghai Composite dipped 0.9% to 2,968.52. France's CAC 40 gained 0.8% to 4,673, while Germany's DAX rose 0.6% to 10,537. Britain's FTSE 100 added 0.4% to 5,984. The Bank of England cut its key interest rate by half a percentage point to 0.25% and offered financial liquidity measures in response to the outbreak of the COVID-19 virus. The central bank said the move would "help support businesses and consumer confidence at a difficult time."

(Read more Dow Jones stories.)

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