“We’re starting this epidemic at all-time highs,” one expert says about the coronavirus. “So the initial damage is probably going to be a whole lot more than it has been for the other 11 global health care scares that we’ve seen over the last 20 years.”
3:06 pm: Final hour of trading: Stocks tumble into correction territory
with U.S. West Texas Intermediate crude falling to its lowest level since Jan. 2019. At the low of the day, WTI was down more than 5%, breaking below $46 to trade at $45.88. In afternoon trading, some of those losses were pared, and WTI ultimately settled 3.37% lower at $47.09 per barrel. WTI is now 29% below its 52-week high level, as investors continue to fear that the coronavirus outbreak will dent global demand for oil.
Around midday, the major U.S. stock averages were trading sharply lower as concerns about the coronavirus spreading quickly in the U.S. pressured equity prices. The Dow was down more than 500 points. Those losses put the 30-stock average in correction territory, or more than 10% below its record high. —European Central Bank president Christine Lagarde told the
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