The daily business briefing: March 12, 2020

Stocks plummet as Trump restricts Europe travel and WHO declares pandemic, NBA suspends season over coronavirus, and more

The NYSE board
(Image credit: BRYAN R. SMITH/AFP via Getty Images)

1. Stocks continue plunge after Trump announces restrictions on travel from Europe

U.S. stock index futures dropped sharply again early Thursday following President Trump's announcement of emergency aid to businesses affected by the coronavirus outbreak, and a 30-day ban on travel from continental Europe. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down by more than 4 percent several hours before the opening bell. On Wednesday, the Dow lost 5.9 percent, putting it more than 20 percent below the highs it hit in mid-February and officially in a bear market, ending an 11-year bull run. Wednesday's losses came as the World Health Organization declared the coronavirus outbreak to be a pandemic. "You call this thing a pandemic and all hell breaks loose," said Peter Tuz, president of Chase Investment Counsel in Virginia.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.