Stocks Plunged, Dow Dropped over 1,400 Points

U.S. stocks plunged on Wednesday, with the Dow ending more than 1400 points, after the World Health Organization declared COVID-19 a pandemic. At close, the Dow Jones Industrial Average dropped 1,464.94 points, or 5.86%, to 23,553.22. The S&P 500 declined 140.85 points, or 4.89%, to 2,741.38. The Nasdaq Composite lost 392.20 points, or 4.70%, to 7,952.05.

Oil futures ended lower on Wednesday, pressured by U.S. government data reporting domestic crude supplies rose for a seventh week in a row, and by Saudi Arabia’s move to increase output capacity. West Texas Intermediate crude for April delivery dropped $1.38, or 4%, to settle at $32.98 a barrel. May Brent crude lost $1.43, or 3.8%, to $35.79 a barrel.

Midday Wednesday, the World Health Organization officially designated the coronavirus outbreak a pandemic, as the virus spread across more than 100 countries and infected well over 100,000 individuals. The Dow sank more than 1,200 points following the announcement.