BUSINESS US stocks close sharply lower as market sell-off continues

BUSINESS

US stocks close sharply lower as market sell-off continues

Xinhua

11:40, February 28, 2020

U.S. stocks closed sharply lower on Thursday as investors fled the stocks market and flocked into safe-haven assets.Screen Shot 2020-02-28 at 11.38.33 AM.png

(Photo: Xinhua)

The Dow Jones Industrial Average fell 1,190.95 points, or 4.42 percent, to 25,766.64. The S&P 500 was down 137.63 points, or 4.42 percent, to 2,978.76. The Nasdaq Composite Index was down 414.30 points, or 4.61 percent, to 8,566.48.

All three major indexes tumbled into correction territory.

Most of the 30 Dow component companies closed in red territory, with Microsoft and Dow shedding 7.05 percent and 6.61 percent, respectively, leading the laggards.

Some other big names, such as Apple, Intel and Exxon Mobil, fell more than 6 percent.

All of the 11 primary S&P 500 sectors closed lower. Real estate and energy declined 5.59 percent and 5.47 percent, respectively, the top two laggards.

The Cboe Volatility Index, widely considered the best fear gauge in the stock market, jumped 42.09 percent to 39.16.

The benchmark 10-year Treasury yield dipped below 1.25 on Thursday, hitting a record low. Yields move inversely to prices.

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