Bear Market

Morning Movers Markets ALK CBOE CCL HLT MNK SAN.FR Alaska Airlines CBOE Carnival (CCL) Carnival Hilton Worldwide Mallinckrodt Mallinckrodt Prestige Consumer Healthcare Sanofi Sanofi Saudi Press Agency Mark Casey Christopher Nassetta North America United States Financial Performance Share Price Movement/Disruptions Corporate/Industrial News Political/General News Respiratory Tract Diseases Health Medical Conditions Outbreaks/Epidemics Politics/International Relations Domestic Politics SARS/MERS Viruses Infectious Diseases Commodity/Financial Market News Content Types Factiva Filters C&E Exclusion Filter C&E Industry News Filter 2222.SA CCL GS HLT MNK N/CNW N/GEN N/HLT N/MKT N/NWS N/PFM N/PLT R/NME R/US SAN.FR SNY Barrons.com Barrons Blogs COMP DJIA Dow Jones Industrial Average FTSE 100 Index Hang Seng Index HK:HSI Nasdaq Composite S&P 500 SPX UK:UKX CODES_REVIEWED Markets Morning Movers Politics & Policy author Al Root author|Al Root author Al Root id Al Root name Al Root topicid 8578 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onlinesignificance passing-mention co imc co|imc country US symbol MNK codetype co displayname Mallinckrodt why occur extractedtext Mallinckrodt source FACTIVA seoname mallinckrodt name Mallinckrodt countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/MNK fcode imc fullextractedtext Mallinckrodt ticker MNK confidence 100 subcat com code imc relevance 25 significance prominent confidencerange high exchange NYSE exchangeisocode XNYS status modified onlinesignificance prominent co sansyn co|sansyn country US symbol SAN.FR codetype co displayname Sanofi why occur extractedtext Sanofi source FACTIVA seoname sanofi name Sanofi countrycode US relevancerange low chartingsymbol STOCK/US/XNAS/SNY fcode sansyn fullextractedtext Sanofi ticker SNY confidence 100 subcat com code sansyn relevance 25 significance passing confidencerange high exchange NYSE exchangeisocode XNAS onlinesignificance passing-mention co PBRAND co|PBRAND symbol PBH country US codetype co displayname Prestige 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Carnival significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/CCL fcode CRNIVL status modified onlinesignificance passing-mention co ALASAR co|ALASAR symbol ALK country US codetype co displayname Alaska Air Group extractedtext Alaska Airlines source MANUAL code alk name Alaska Airlines significance prominent exchange U.S.: NYSE exchangeisocode XNYS chartingsymbol STOCK/US/XNYS/ALK fcode ALASAR status modified onlinesignificance passing-mention co aramco co|aramco codetype co why about source FACTIVA occurs true subcat com code aramco significance prominent orgtype public fcode aramco onlinesignificance prominent co whoz co|whoz significance prominent why about source FACTIVA occurs true subcat org fcode whoz codetype co code whoz onlinesignificance prominent company CBOE company|CBOE name CBOE significance PASSING-MENTION company HLT company|HLT name Hilton Worldwide significance PROMINENT company CCL company|CCL name Carnival significance PASSING-MENTION company ALK company|ALK name Alaska Air significance PASSING-MENTION company SAN.FR company|SAN.FR name Sanofi significance PASSING-MENTION company MNK company|MNK name Mallinckrodt significance PASSING-MENTION djn HLT djn|HLT codetype djn why about source FACTIVA occurs true code hlt name HLT significance prominent fcode HLT onlinesignificance prominent djn CCL djn|CCL codetype djn why occur source FACTIVA code ccl name CCL significance passing fcode CCL onlinesignificance passing-mention djn GS djn|GS codetype djn why occur source FACTIVA code gs name GS significance passing fcode GS onlinesignificance passing-mention djn MNK djn|MNK codetype djn why occur source FACTIVA code mnk name MNK significance passing fcode MNK onlinesignificance passing-mention djn SAN.FR djn|SAN.FR codetype djn why occur source FACTIVA code san_fr name SAN.FR significance passing fcode SAN.FR onlinesignificance passing-mention djn SNY djn|SNY codetype djn why occur source FACTIVA code sny name SNY significance passing fcode SNY onlinesignificance passing-mention djn N/MKT djn|N/MKT codetype djn why about source FACTIVA code n_mkt name N/MKT significance prominent fcode N/MKT onlinesignificance prominent djn N/PFM djn|N/PFM codetype djn why about source FACTIVA code n_pfm name N/PFM significance prominent fcode N/PFM onlinesignificance prominent djn N/NWS djn|N/NWS codetype djn why about source FACTIVA code n_nws name N/NWS significance prominent fcode N/NWS onlinesignificance prominent djn N/CNW djn|N/CNW codetype djn name N/CNW why lineage source FACTIVA code n_cnw fcode N/CNW djn N/GEN djn|N/GEN codetype djn name N/GEN why lineage source FACTIVA code n_gen fcode N/GEN djn N/HLT djn|N/HLT codetype djn name N/HLT why lineage source FACTIVA code n_hlt fcode N/HLT djn R/US djn|R/US codetype djn why about source FACTIVA code r_us name R/US significance prominent fcode R/US onlinesignificance prominent djn R/NME djn|R/NME codetype djn name R/NME why lineage source FACTIVA code r_nme fcode R/NME djn 2222.SA djn|2222.SA codetype djn why about source FACTIVA occurs true code 2222_sa name 2222.SA significance prominent fcode 2222.SA onlinesignificance prominent djn N/PLT djn|N/PLT name N/PLT why lineage source FACTIVA fcode N/PLT codetype djn code n_plt first_publish_headline The Dow Is Plunging Again. Stock in Dramamine’s Maker Soared on Tuesday. first_publish_headline|The Dow Is Plunging Again. Stock in Dramamine’s Maker Soared on Tuesday. flow Barrons.com flow|Barrons.com codetype FLOW name Barrons.com source MANUAL value Barrons.com code online status modified name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW source MANUAL title Product code Barrons_Blogs name Barrons Blogs value Barrons Blogs status modified headline The Dow Closed in Bear Market After WHO Declares Pandemic headline|The Dow Closed in Bear Market After WHO Declares Pandemic id facebook id|facebook news_tab_url https://www.barrons.com/articles/stocks-moving-premarket-mallinckrodt-carnival-hilton-51583928213 index Dow Jones Industrial Average index|Dow Jones Industrial Average name Dow Jones Industrial Average displayname Dow Jones Industrial Average symbol DJIA chartingsymbol INDEX/US/DOW JONES GLOBAL/DJIA exchange Dow Jones Global exchangeisocode DOW JONES GLOBAL country US significance prominent codetype index source MANUAL status modified extractedtext Dow 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value BARMKTS status modified subject BARMORMOV subject|BARMORMOV codetype SUBJECT title Morning Movers code BARMORMOV name Morning Movers ruleid BARMORMOV value BARMORMOV canbedisplaybrand true status modified subject OPOL subject|OPOL name Politics & Policy description 01|US|Politics & Policy source EXPANDER value OPOL codetype SUBJECT code opol wordcount 798 wordcount|798 Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images The Dow Closed in Bear Market After WHO Declares Pandemic

The market benchmark plunged 1,465 points, ending the bull market that began in 2009.

The Dow Closed in Bear Market After WHO Declares Pandemic The Dow Closed in Bear Market After WHO Declares Pandemic Bear Market

The market benchmark plunged 1,465 points, ending the bull market that began in 2009.

Bear Market

The market benchmark plunged 1,465 points, ending the bull market that began in 2009.

https://www.barrons.com/articles/coronavirus-pandemic-world-health-organization-stocks-51583947289?mod=hp_LATEST https://www.barrons.com/articles/low-volatility-stocks-win-as-market-swings-51583876123?mod=hp_DAY_3 https://www.barrons.com/articles/britains-30-billion-coronavirus-battle-plan-shows-trump-and-the-u-s-how-its-done-51583939298?mod=hp_LATEST https://twitter.com/WHO/status/1237777021742338049 https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 https://www.barrons.com/articles/what-the-flu-can-teach-investors-about-the-stock-market-rout-51583263711 https://www.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6 https://www.spa.gov.sa/viewfullstory.php?lang=en&newsid=2045400#2045400 https://newsroom.hilton.com/corporate/news/hilton-withdraws-2020-outlook https://www.wsj.com/articles/regeneron-and-sanofi-planning-to-study-arthritis-drug-kevzara-as-covid-19-treatment-11583872762?mod=searchresults&page=1&pos=1 https://mallinckrodt.gcs-web.com/node/26566/pdf mailto:allen.root@dowjones.com The Dow Closed in Bear Market After WHO Declares Pandemic By Al Root

The key index of blue-chip stocks briefly crossed into bear-market territory as U.S. markets plunged in response to the World Health Organization’s declaration that the coronavirus outbreak has become a pandemic, and as doubt emerged about a potential tax cut meant to offset the economic impact.

The Dow Jones Industrial Average rallied hard on Tuesday, partly reversing Monday’s 2,000-point drop, in response to expectations that the government might cut payroll taxes. But Wednesday morning, Sen. Chuck Grassley, chairman of the Senate Finance Committee, said that while a cut should be under consideration, it isn’t currently needed. according to a Bloomberg News report.

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“I wouldn't say we ought to do it now, but it’s something you could quickly kick in if needed,” Grassley said. “We’re in the process of analyzing the economic impact of the virus so right now I wouldn’t say it’s necessary.”

Shortly after midday, the WHO made its declaration, underscoring investors’ concerns about the outbreak.

In late afternoon, the Dow was down about 1350 points, or 5.3%. Earlier, it had fallen more than 1,650 points, dropping below 23,641.14, which is 20% below the high set on Feb. 12. A close below that level would mark the start of a bear market.

The S&P 500 had fallen 4.6% and the Nasdaq Composite had dropped 4.5%. The market’s so-called fear indicator, the CBOE Volatility Index, was 14% higher at near 54.

https://twitter.com/WHO/status/1237777021742338049

Hong Kong’s Hang Seng Index fell 0.6%. The U.K.’s FTSE 100 Index slipped back, losing 1.4%, after an early gain in response to news that the Bank of England cut short-term interest rates. The surprise move reduced rates from 0.75% to 0.25%.

In Italy, a coronavirus hot spot, the FTSE MIB index rose 0.3%, a rare gainer among European markets.

The number of Covid-19 coronavirus cases in the U.S. has risen above 1,000, making the U.S. the eighth country to pass that line.

Adding to the trouble was news that authorities in Saudi Arabia have instructed Saudi Aramco, the national oil company, to increase its oil-production capacity to 13 millions barrels a day from the current 12 million as the nation seeks to increase its share of theglobal marketby boosting output even as the coronavirus hits demand. The Saudi Press Agency reported that Aramco’s CEO will implement the order to raise capacity as soon as possible.

The price of oil was down by 4.2% to $32.89 a barrel.

The coronavirus continues to roil the travel sector. Hilton Worldwide (ticker: HLT) withdrew its financial forecasts Tuesday evening because of the outbreak.

“With the coronavirus now spreading beyond China and the Asia Pacific region, and the related increase in travel restrictions and cancellations around the world, we believe that the potential negative impact will be greater than our previous estimate,” CEO Christopher Nassetta said in the company’s news release. “We will provide an update during our first quarterearnings call based on the information we have available at the time.”

Hilton stock was down about 19% year to date as of Tuesday’s close. Shares were down 6.3% in afternoon trading.

Shares of cruise operator Carnival (CCL) were down 11.8% after Tuesday’s 10.5% gain. Alaska Air (ALK) stock fell 4.4% after rising 8.3% on Tuesday.

Goldman Sachs upgraded shares of the pharmaceutical company Sanofi (SNY) to the equivalent of Buy from Hold. Still, shares are down about 2.3%. Sanofi started testing an arthritis drug as a coronavirus treatment, according to The Wall Street Journal.

Mallinckrodt (MNK) stock gained 25%. The company updated investors about its effort to settle litigation over its alleged role in the opioid crisis.

“We are pleased that New York state has joined the already 47 states and territories in supporting Mallinckrodt’s proposed global opioid settlement,” Mallinckrodt chief legal officer Mark Casey said in the company’s news release. “We remain committed to satisfying the terms of the agreement in principle and continuing to work toward achieving that objective.”

Write to Al Root at allen.root@dowjones.com