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Dow closes down more than 878 points after CDC reports 'inevitable' spread of coronavirus

Dow currently down nearly 800 points after CDC reports 'inevitable' spread of coronavirus
Posted at 12:30 PM, Feb 25, 2020
and last updated 2020-02-25 16:16:36-05

The Dow Jones Industrial Average closed down more than 800 points on Tuesday — a day after the Dow dropped more than 1,000 points in the biggest single-day loss of 2020.

The Dow finished Tuesday down 878 points, marking the fourth-largest one-day drop in the market's history.

Fears about the worldwide spread of COVID-19, better known as coronavirus, have prompted a slowdown in global markets. The CDC compounded fears of the spread of the disease Tuesday when it said that Americans need to prepare for "significant disruptions" to their daily lives.

"Ultimately we expect we will see community spread in this country," CDC Director of Immunization and Respiratory Diseases Dr. Nancy Messonier. said. "It’s not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen and how many people in this country will have severe illness."

The two-day drop has wiped out all year-to-date gains the Dow has made since the new year began.

The loss also comes hours after President Donald Trump attempted to assuage fears of a global economic slowdown. Speaking at a press conference in India, Trump claimed that his administration would prevent the spread of the virus.

"I think it's going to be under control and it's going to work out fine," Trump said.