Traders on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Dow Jones Industrial Average drops 1,190 points
The Dow tumbled 1,190.9 points, or 4.42%, to 25,766.64 The S&P 500 slid 4.42% to 2,978.76. The Nasdaq Composite dropped 4.61% to close at 8,566.48. Rising fears of a rapid coronavirus spread sent the major averages tumbling into correction territory.
The Dow, S&P 500 and Nasdaq all closed down more than 10% from their intraday all-time highs set earlier this month, entering correction territory. on Wednesday the first U.S. coronavirus case of unknown origin in Northern California, indicating possible “community spread” of the disease. On Thursday, California Gov. Gavin Newsom said . Bottom line: Expect market volatility to stay elevated as investors get more information on the coronavirus.
Apple and Microsoft tumble
Apple dropped 6.54% and was among the worst-performing Dow stocks on Thursday. Microsoft, meanwhile, slid 7.05% after the tech giant warned revenues for its personal computing division — which accounted for 36% of overall revenue in the previous quarter — would not meet expectations.
What happens next?
Personal income data and consumer sentiment numbers are scheduled for release Friday morning.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.