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Stocks go on a wild ride as virus threatens economic damage

FILE - In this Feb. 24, 2020, file photo trader Michael Milano works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Thursday, Feb. 27. (AP Photo/Richard Drew, File)
Summary

Stocks took a dive on Wall Street on Thursday as investors tried to anticipate damage coronavirus outbreak would have

Losses extended weeklong rout that's brought S&P 500 8.8% below record high set just a week ago

NEW YORK — Stocks took an early nosedive on Wall Street Thursday before recovering much of the ground they lost as investors struggle to anticipate how wide the economic damage from the coronavirus outbreak will be.

The losses extended a weeklong rout that has brought the S&P 500 8.8% below the record high it set just a week ago. The Dow Jones Industrial Average cut its loss to 300 points by the early afternoon after being down as many as 960 earlier as investors saw some buying opportunities.

More companies including Microsoft and Budweiser maker InBev are warning their results will be hurt.