The markets plunged on Monday amid fears of the new coronavirus’ rapid spread around the world, with both the Dow and the S&P 500 having their worst day since the 2008 financial crisis. According to CNBC, the Dow dipped 7.8 percent or 2,013 points—the biggest point drop in its history. The S&P 500 also was down 7.6 percent and was 19 percent lower than its all-time high in February. If the benchmark hits 20 percent, it would fall in bear market territory for the first time in over a decade. An oil price war, on top of virus uncertainties, resulted in oil’s worst day on the markets since 1991. Despite the market slide, federal officials claimed Monday’s performance was not an indication of a long-term financial disaster. “This is not like the financial crisis where there is no end in sight,” Treasury Secretary Steven Mnuchin told reporters in a Monday press conference, but admitting that some “parts of the economy that will be impacted” by the virus.
