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Photo: Bryan R. Smith/AFP via Getty Images

Stocks plunged more than 9% on Thursday, with the S&P 500 26% below its February all-time high.

Why it matters: The potential economic impact from the coronavirus ended Wall Street's longest bull run in history while roiling stock markets around the globe.

Data: FactSet; Chart: Naema Ahmed/Axios

By the numbers: The S&P 500 and Nasdaq Composite fell 9.5%.

  • The Dow fell 10% — its worst single-day percentage decline since the 1987 market crash.
  • The VIX, a measure of stock market volatility, spiked to the highest level since 2008.

Between the lines: U.S. stock declines were so steep at market open that it tripped the New York Stock Exchange's circuit breaker for the second time this week.

  • Stocks rebounded sharply in the middle of the day after the Federal Reserve said it would make an eye-popping $1.5 trillion in funding available to the financial system. It said it would also widen its bond-buying program, and continue to offer billions in the overnight loans.
  • The stock gains soon faded.

What they're saying: The moves were made "to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak," the New York Fed said in a press release. The announcement followed instruction from Fed chair Jerome Powell, who was consulted by the rate-setting committee.

  • "This is extremely rare ... and an unusually aggressive response," Lou Crandall, chief economist at research firm Wrightson ICAP, told Axios in response to the Fed's announcement. Crandall noted the scale of the Fed's intervention was "reminiscent of the financial crisis."

The bottom line: Wall Street's tumultuous stretch continued after President Trump said Wednesday night that the U.S. would ban some European travelers from entering the country for 30 days. Plans for economic stimulus are still up in the air.

Go deeper

Mike Allen, author of AM
4 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.