Stocks tumble for second day as coronavirus fears continue

at the administration's briefing this morning on the corner virus, we will. We're told by the experts in I h CDC that there is a very strong chance of an extremely serious outbreak of the Corona virus here in the United States. So I want to talk about the preparations of this administration what you've been doing. You've had more than a month now to prepare for this increasing likelihood. And I want to ask you, is our country ready? So our country is preparing every day and the effective aggressive containment measures that we've taken at our borders as well as working with our public health departments and bought us time to continue preparedness. One is always advancing preparedness. Every day. One advances. Those activities would help to have a few minutes. Did you stockpile any of these critical supplies that we are told? We need mask, protective suits, ventilators, anything. Is that stockpiled and ready? So we do have in the strategic National stockpile Ventilators. We have masks. We have Rupert. Well, of course not. Or we wouldn't be asking for a supplemental to seek more money to procure more of that for this. For this circumstance, this is a very This is an unprecedented potential severe health challenge globally and will require these additional measures. It seems to me is that the outset that the this requests, uh, for the money's supplemental is low balling it possibly, and you can't afford to do that. I hope. The administrative. We want to help the administration. We want to help you do your job, but if you lowball something like this, you'll pay for it later. So the steps that the president has taken to the most aggressive containment measures every history in terms of travel restrictions on our borders, funneling passengers, restricting foreigners from coming into our country if they've been in China. Travel restrictions and advisories to countries we cannot hermetically seal off the United States to alarms, and we need to be realistic about that. And so this virus, we will have the ozone in some form. It doesn't we'll have more cases in the United States and we've been very transparent about that, and we will then work to mitigate the impact of those

Turnaround Tuesday didn't happen for stocks. U.S. markets were back in the red, adding to their sharp losses Monday amid coronavirus fears.At its lowest point, the Dow Jones shed 929 points, or 3.3%, in the early afternoon, while the broader S&P 500 was also down nearly 3%. The Nasdaq Composite also fell 2.7%.The Dow eventually closed down nearly 900 points Tuesday.The Dow is more than 8% below its most recent high, putting it close to correction territory. The Dow would need to fall a total of 10% to officially be in a correction."This is not the beginning of a bear market but it could be the start of a correction," said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. "The coronavirus continues to spread and containment remains an issue."It's a good thing that the market is finally pricing in the risk the virus poses, he added."Stocks should not have been at all-time highs because of the impact of the coronavirus," Phillips said. "The biggest risk is to earnings, and you are starting to see more companies come out and guide expectations lower."Economists remain worried about the economic fallout from the virus outbreak, including its effect on global supply chains and trade.An official of the Centers for Disease Control and Prevention said Tuesday afternoon that quarantine and travel restrictions have so far proven successful in America, but the CDC ultimately expected the number of U.S. patients to rise.News of a sudden increase in cases in Italy and South Korea tanked global markets on Monday, leaving the Dow to plummet more than 1,000 points -- something it has only done twice before in history, both times in February 2018. The index has dropped for four consecutive days including Tuesday, shedding more than 2,000 points in total.U.S. stocks initially appeared to rebound at Tuesday's open, but soon fell back into negative territory.Even so, the risk off sentiment was nothing like Monday, said Fawad Razaqzada, senior market analyst at TradingCandles.com.A further selloff in stocks could be staved off by some bargain hunting and profit taking of investors with short positions, Razaqzada said.The CBOE Market Volatility Index, which spiked Monday, was again 20% higher.The safe-haven U.S. Treasury bonds again attracted buyers and the 10-year bond yield dropped to a new all-time low below 1.32%.Gold prices, which rallied at the start of the week, were in the red.U.S. and global oil benchmarks also fell further on the expectation of lower demand for energy in a coronavirus-inspired economic downturn. U.S. oil was down 3.1% at $49.82 a barrel, while the global benchmark shed 2.4% to $54.95 a barrel.

Turnaround Tuesday didn't happen for stocks.

U.S. markets were back in the red, adding to their sharp losses Monday amid coronavirus fears.

At its lowest point, the Dow Jones shed 929 points, or 3.3%, in the early afternoon, while the broader S&P 500 was also down nearly 3%. The Nasdaq Composite also fell 2.7%.

The Dow eventually closed down nearly 900 points Tuesday.

The Dow is more than 8% below its most recent high, putting it close to correction territory. The Dow would need to fall a total of 10% to officially be in a correction.

"This is not the beginning of a bear market but it could be the start of a correction," said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. "The coronavirus continues to spread and containment remains an issue."

It's a good thing that the market is finally pricing in the risk the virus poses, he added.

"Stocks should not have been at all-time highs because of the impact of the coronavirus," Phillips said. "The biggest risk is to earnings, and you are starting to see more companies come out and guide expectations lower."

Economists remain worried about the economic fallout from the virus outbreak, including its effect on global supply chains and trade.

An official of the Centers for Disease Control and Prevention said Tuesday afternoon that quarantine and travel restrictions have so far proven successful in America, but the CDC ultimately expected the number of U.S. patients to rise.

News of a sudden increase in cases in Italy and South Korea tanked global markets on Monday, leaving the Dow to plummet more than 1,000 points -- something it has only done twice before in history, both times in February 2018. The index has dropped for four consecutive days including Tuesday, shedding more than 2,000 points in total.

U.S. stocks initially appeared to rebound at Tuesday's open, but soon fell back into negative territory.

Even so, the risk off sentiment was nothing like Monday, said Fawad Razaqzada, senior market analyst at TradingCandles.com.

A further selloff in stocks could be staved off by some bargain hunting and profit taking of investors with short positions, Razaqzada said.

The CBOE Market Volatility Index, which spiked Monday, was again 20% higher.

The safe-haven U.S. Treasury bonds again attracted buyers and the 10-year bond yield dropped to a new all-time low below 1.32%.

Gold prices, which rallied at the start of the week, were in the red.

U.S. and global oil benchmarks also fell further on the expectation of lower demand for energy in a coronavirus-inspired economic downturn. U.S. oil was down 3.1% at $49.82 a barrel, while the global benchmark shed 2.4% to $54.95 a barrel.

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