After The Bell: Another Wall Street Nose-Dive As Coronavirus Threat Deepens

Andy Giersher
March 09, 2020 - 5:48 pm
Stock Market Coronavirus

(Photo by Spencer Platt/Getty Images)

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(WBBM NEWSRADIO) -- Stocks took a nose-dive Monday, posting the worst session since the financial crisis, as investors try to price the economic fallout from the fast spreading coronavirus.

The S&P 500 shed 225, the NASDAQ lost nearly 625 and the Dow Jones industrial average closed down over 2,000 points, settling to 23,851.

Today's decline in the Dow Jones industrial average is the largest single-day point drop ever.

"This seems like a perfect storm, and unlike past downturns in the marketplace, where there might have been one issue," Michael Palumbo, Founder of MJP Capital, said.

“There's a lot of different issues hitting the market all at the same time and the question is: Can it shake all these things off at once? My guess is, at least initially, it will not be able to and we are seeing that in the marketplace.”

Palumbo adds that this is now the time for investors to start dipping into the market and buying quality names.