The S&P 500, Dow and Nasdaq tumbled Wednesday as the volatility of the past couple weeks extended further.
The negative nosedive was accelerated by World Health Organization announcement that it had officially designated the coronavirus outbreak a pandemic, as the virus spread across more than 100 countries and infected well over 100,000 individuals. The Dow sank more than 1,200 points following the announcement.
Following the spread of Covid-19, risky asset and commodity prices have fallen sharply, and government bond yields reached all-time lows, consistent with a marked deterioration in risk appetite and in the outlooks for global and UK growth,” the BOE said in a statement Wednesday, “Indicators of financial market uncertainty have reached extreme levels.
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