Following Trump’s announcement of a travel ban that keeps Europeans from entering the U.S. for at least 30 days, airline and other travel industry stocks fell through the floor on March 12, contributing to the worst crash since 1987.
The Dow Jones Industrial Index shed more than 2,300 points on Thursday, in what was the largest single-day point drop in the index’ long history. In terms of percentage losses, it was the fourth largest in 120 years and the worst single-day loss since 1987. All three major indices in the U.S. are now firmly in bear market territory, meaning they’re down more than 20 percent from their recent peak.
As of market close on March 12, the coronavirus pandemic has wiped out all gains from more than two and a half years for the Dow Jones and the S&P 500, while the Nasdaq fell to levels last seen in late 2018.