by Tyler Hale
Wall Street suffered another bruising day after the Dow Jones Industrial Average plummeted more than 2,000 points on Monday, March 9.
The Dow Jones plunged almost 8 percent today, before rising slightly to 7.79 percent. At the closing bell, the index had lost 2,013.76 points, ending up at 23,851.02. This represents the biggest points drop ever for the Dow Jones.
In addition, both the Nasdaq and S&P 500 dropped significantly during today’s trading. The Nasdaq declined by 624.94 points, or 7.29 percent, while the S&P 500 dropped by 225.81 points, or 7.60 percent.
Global markets have been rocked by the spreading coronavirus, or COVID-19, as infections continue to be reported throughout the world. According to Johns Hopkins University, there are 113,582 confirmed cases of the virus worldwide with 3,996 total deaths so far.
While China has been the most severely impacted country, cases have been reported in the United States and other Western countries. Italy has been the Western country hit the hardest. The Italian Prime Minister Giuseppe Conte announced today that the country was extending its coronavirus quarantine measures throughout the entire nation. The measure includes a ban on public gatherings and citizens only being able to travel for work or family emergencies.
The plunge can also be attributable to crude oil. Oil prices tanked approximately 25 percent – the biggest single day drop in oil prices since 1991. The drop happened in the wake of a price war between Saudi Arabia and Russia over crude oil prices.
Walmart stock declined slightly – approximately $0.07. However, it suffered a steep drop at the opening of the day, falling to $113.83 per share from its Friday close of $117.16. The stock course-corrected, reaching a day-high of $120.63, before settling back to $117.16.
Tyson Foods Inc. had a worse day at the market than Walmart did, falling almost 6 percent. The Springdale-based company saw its stock drop $3.77 per share – 5.83 percent – to $60.88 per share.
Tyson has had a rough several months, dropping more than $30 per share since January. On January 13, Tyson’s stock was $93.46 per share. Since that time, it has steadily declined, reaching the $60 range in late February. Today, the stock bottomed out in the morning at $60 before rising to $62.83 at 10:30 a.m. and petering off later in the day.J.B. Hunt Transport Services’ stock also was hit hard today, falling 8.04 percent. The stock declined by $7.50 per share, ending up at a value of $85.73 per share.
Dillard’s stock declined by 4.63 percent or $2.37 per share for an ending value of $48.78 per share. ArcBest also declined slightly, by 2.55 percent, or $0.50, to $19.13 per share. Windstream had a more dramatic fall, declining by 11.76 percent. However, that decline accounts for only $0.008 with the stock’s ending value at $0.06.
The biggest drop for an Arkansas company, by percentage, was Murphy Oil Corporation. The El Dorado-based company saw its stock drop by more than 40 percent today. Its stock declined 42.50 percent, or $6.74. Its final stock value was $9.12 per share.
READ MORE: Stock Market Plummets Amid Coronavirus Fears