Thursday’s Headlines: We Have Officially Entered Bear Territory 🐻
1. The coronavirus-induced sell-off reached a new low on Wednesday with the Dow tumbling more than 1,400 points to enter bear market territory. The 30-stock average closed down more than 20% below the record close set only last month and putting an end to an expansion that started in 2009 amid the financial crisis. The S&P 500 and Nasdaq fell just short of bear market levels as the panic continues to grow, with the number of confirmed cases skyrocketing this week. Get the complete story here.
2. The coronavirus is especially hitting airlines and plane manufacturers hard, with Boeing stock falling a whopping 18%. The world’s largest aircraft manufacturer is immediately suspending most hiring and implementing other measures to preserve cash as the rapid spread of the coronavirus roils the air travel industry. Boeing is already reeling from the damage of two fatal crashes of its 737 Max and the worldwide grounding of the planes, which hits the one-year mark on Friday. Read the full story here.
3. Amazon Care, the company’s virtual medical clinic for employees, is in talks with local public health organizations about using its logistics expertise to help deliver at-home coronavirus testing kits to people’s homes in the Seattle area. Specifically, Amazon Care has offered the Bill & Melinda Gates Foundation its assistance with a project that aims to provide kits to Seattle residents who suspect they have symptoms of the COVID-19 coronavirus. Seattle has been at the epicenter of the outbreak in the U.S. and is among the worst affected areas. Read more here.