Stock market live updates: Dow tanks 1,100, S&P 500 down 5%, virus cases jump

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The U.S. economy will contract by 13% in the second quarter because of the coronavirus pandemic, Deutsche Bank said in a new forecast. A drop that sharp would be “significantly beyond the range of modern historical experience,” the firm said, and would be the biggest “going back to at least World War II.” — Sheetz

Wild swings continued to roil Wall Street on Wednesday, with the S&P 500 dropping more than 5% at the open. The market is at risk to trip the so-called circuit breakers for the second time this week. According to the New York Stock Exchange, a market trading halt may occur at “three circuit breaker thresholds” on the S&P 500 due to large declines and volatility. The exchange classifies this at three levels based on the preceding session’s close in the S&P 500.
The rules, which apply to regular trading hours only, are as follows:
·      Level 1: If the S&P 500 drops 7%, trading will pause for 15 minutes.
·      Level 2: If the S&P 500 declines 13%, trading will again pause for 15 minutes if the drop occurs on or before 3:25 p.m. ET.
·      Level 3: If the S&P 500 falls 20%, trading would halt for the remainder of the day. A Level 3 breach can be triggered at any time. — Li

The Dow Jones Industrial Average plunged 1,300 points at the open, while the S&P 500 dropped more than 5%, at risk of triggering a market-wide circuit breaker for the second time in just three days. If the S&P 500 drops 7%, trading will pause for 15 minutes. — Li

Shares of Boeing tanked another 20% in premarket trading on Wednesday, bringing its losses this month to a whopping 64%. The plunge put the aircraft manufacturer on track for its worst month in history. On top of the consequences of two fatal crashes of its 737 Max aircraft, Boeing took a big hit from the coronavirus outbreak that disrupts the global supply chains and the travel industry. The second worst month for the company was in September 2001, when the stock lost nearly 35%. – Li, Francolla

Source: https://www.cnbc.com/2020/03/18/stock-market-today-live.html

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