Weekly development Nasdaq Composite Index 2023

The Nasdaq Composite index fell by approximately 2,400 points in the four weeks from February 12 to March 11, 2020, but has since recovered to 13,918.96 points as of July 12, 2023. In February 2020 - just prior to the global coronavirus (COVID-19) pandemic, the Nasdaq Composite index stood at a little over 9,700 points.

Coronavirus concerns escalate

The World Health Organization declared the coronavirus outbreak as a global pandemic in March 2020, setting the Dow Jones Industrial Average, the S&P 500, and other market indexes up for significant losses. With the stock markets destabilized, traders opted to sell their shares and were prepared to wait before investing in stocks again. Investors would have felt more confident if there were signs that the virus was being contained, but the number of cases continued to rise.

Uncertain future for many U.S. industries

The COVID-19 pandemic struck fear into the heart of the U.S. markets – plummeting stock prices forced trading to be suspended twice on March 12, 2020. Stock markets can be used to indicate the strength of companies, industries, and the domestic economy overall. The travel, tourism, and hospitality industries have been some of the hardest hit by the coronavirus, raising concerns about an increase in unemployment due to layoffs. In the construction industry, the virus disrupted supply chains worldwide, and many companies were forced to halt production due to quarantine measures.