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

Fauci says White House effort to discredit him is "bizarre"

Photo: Joshua Roberts/Getty Images

Anthony Fauci told The Atlantic on Wednesday that efforts by certain White House officials to discredit him are "bizarre" and that it "ultimately hurts the president" to undermine a top health official in the middle of a pandemic.

Driving the news: Fauci's comments come on the heels of a USA Today op-ed by White House trade adviser Peter Navarro, who claimed that Fauci has been "wrong about everything" related to the coronavirus that the two have interacted on. Fauci told The Atlantic: “I can’t explain Peter Navarro. He’s in a world by himself.”

3 hours ago - Health

Oklahoma Gov. Kevin Stitt tests positive for coronavirus

Oklahoma Gov. Kevin Stitt. Photo: Alex Wong/Getty Images)

Oklahoma Gov. Kevin Stitt (R) announced on Wednesday he has tested positive for the coronavirus and will self-isolate, Tulsa World reports.

Why it matters: The 47-year-old Stitt is believed to be the first governor in the U.S. to test positive. He attended President Trump's rally in Tulsa last month, which the county's health department director said likely contributed to a surge in cases in the region.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 13,397,167 — Total deaths: 580,388 — Total recoveries — 7,449,477Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 3,459,053 — Total deaths: 136,900 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. States: Alabama's GOP governor issues statewide mask mandate — Oklahoma Gov. Kevin Stitt tests positive.
  4. Politics: Fauci says White House effort to discredit him is "bizarre" — Trump says Navarro shouldn't have written op-ed attacking Fauci.