S&P 500 suffers 2-day drop not seen since 2008


One day after President Trump tweeted that the stock market is "starting to look very good to me," the markets once again took a dive.
The Dow Jones Industrial Average fell 879 points on Tuesday after the Centers for Disease Control came out with a dire warning about the coronavirus, saying its community spread in the United States appeared inevitable and Americans should be ready for the potential of major disruptions in their lives, CNBC reports.
Additionally, the S&P 500 on Tuesday fell about 3 percent, and CNBC notes that "the last time the S&P 500 fell more than 3 percent two days in a row was in November of 2008 during the financial crisis," citing Bespoke Investment Group.
Dr. Nancy Messonnier of the CDC's National Center for Immunization and Respiratory Diseases said Tuesday that the coronavirus spreading in the U.S. is "not so much of a question of if" but rather "a question of when," and "we are asking the American public to prepare for the expectation that this might be bad," The New York Times reports.
This came after the Dow on Tuesday plunged 1,031 points in what NBC notes was its worst performance in two years.
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
The allegations of Christian genocide in Nigeria
The Explainer West African nation has denied claims from US senator and broadcaster
-
The best sherries to try this autumn
The Week Recommends The warming tipple from sunny Spain is an underrated cold-weather staple
-
London’s best breakfasts and brunches
The Week Recommends However you like your eggs in the morning, these memorable restaurants have you covered
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance