Traders work on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.
Bryan R Smith | Reuters
Dow Jones Industrial Average drops 1,338 points
The Dow dropped 1,338.46 points, or 6.30%, to close at 19,898.92. The S&P 500 slid 5.18% to 2,398.10. The Nasdaq Composite fell 4.7% to 6,989.84
Ackman: ‘Shut it down’
Billionaire investor Bill Ackman, echoing investor worries, urged President Donald Trump to shut down the country in an effort to curb the spread. “We need to shut it down now. … This is the only answer,” Ackman, founder of Pershing Square Capital Management, told CNBC’s “Halftime Report” on Wednesday. “America will end as we know it. I’m sorry to say so, unless we take this option.” Bottom line, investors want to see drastic measures to contain the outbreak before jumping into the market again.
United Tech and Boeing drag Dow, energy stocks tumble
United Technologies fell 14.48% while Boeing dropped 17.92% to lead the Dow lower. Energy stocks got rocked by a massive oil drop. Chevron dropped 22.12% while Exxon Mobil dived 10.02%.
What happens next?
Weekly jobless claims will be on investors’ radars on Thursday. They are set for release at 8:30 a.m.
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Stocks took another hit on Wednesday amid concerns over the economic blow from the coronavirus outbreak.