(Journalist)
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Under ordinary circumstances, a drop of more than 250 points in the Dow Jones would be considered very bad news. But everything is relative this week. The index started the day with a dip of more than 700 points and at one point was down almost 900, but recovered late to avoid a second day in a row of ultra-steep losses. For the day, the Dow Jones lost 256 points, or 0.9%, to 25,864; the S&P 500 benchmark did worse in terms of percentage loss, down 51 points, or 1.7%, to 2,972; and the Nasdaq lost 162 points, or 1.8%, to 8,575.
Meanwhile, bond yields plummeted to historic lows as investors abandoned stocks for safer havens amid the coronavirus crisis, notes the Wall Street newspaper. “The bond market says that the monster under the bed is much bigger and more frightening than anyone currently expecting it,” Ryan Detrick, senior market strategist at LPL Financial, told AP. In addition, the price of oil fell 10%, its worst decline in 10 years. The idea is that a business slowdown will reduce the demand for it. (Read more stock market stories.)