Updated Feb 25, 2020 - Economy & Business

Wall Street sees 2nd day of brutal sell-off

Photo: Johannes Eisele/AF via Getty Images

The stock market fell another 3% on Tuesday, following Monday’s sell-off. Bond yields touched record lows.

The big picture: Stocks continued to fall as the CDC said it expects the coronavirus to spread in the U.S. The Dow and S&P are more than 7% below the record highs seen earlier this month.

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Data: Yahoo Finance; Chart: Axios Visuals

Go deeper: Coronavirus doesn't tell the full story behind Dow's plunge

Go deeper

The market is not quite as bad as the Dow makes it look

Data: FactSet; Chart: Axios Visuals

One high-profile group of stocks has been doing particularly badly during the coronavirus crisis — the 30 companies that make up the Dow Jones Industrial Average.

The state of play: The Dow stocks are down 33% over the past month, compared with a 30% decline for the S&P 500, and a 24% drop for the more tech-focused Nasdaq. On up days and down days the Dow has generally underperformed the market as a whole.

The distracting shiny object: S&P ups and downs

Data: FactSet; Chart: Axios Visuals

For anyone who gets their economic news from cable TV, we're in the craziest period of the Trump presidency so far.

Driving the news: The S&P 500 fell by 3.4% last Monday, Feb. 24. It then fell another 3% the following day, and it fell by 4.4% on Thursday Feb. 27. This week, it rose 4.6% on Monday, fell 2.8% on Tuesday, and rose 4.2% on Wednesday. It's entirely possible we'll see another 3%+ swing today.

Stocks drop 4% to end worst week since 2008

Photo: Johannes Eisele/AFP via Getty Images

Stocks closed more than 4% lower on Friday, with the S&P 500 shedding 4.3%, the Dow dropping 4.6% (or 927 points), and the Nasdaq falling 3.7%.

Why it matters: It caps a bruising week for Wall Street — you'd have to go back to 2008 to see worse losses — as the coronavirus outbreak forces more of the world's biggest economies to shut down.