U.S. equity markets plunged into correction territory Thursday in what was another volatile session which followed President Trump’s announcement on Wednesday of a coronavirus task force.
The S&P 500 and Nasdaq Composite lost well over 4 percent apiece.
The early selling had all three major averages down at least 10 percent from their February peaks. Both the S&P 500 and the Dow Jones Industrial Average were on track for their sixth straight day of losses.
On Wednesday evening, Trump said Vice President Mike Pence would head a task force to combat the outbreak and that his administration was “ready to do whatever we have to” if the virus threat grows. Hours after Trump’s press briefing, U.S. health officials announced the first case in which they were unable to determine the source of infection.