Markets plunge in worst 1-day drop in history on coronavirus fears

The Dow dropped over 3,200 points in four days and stocks are down nearly 11%, which means the typical 401K that ended last year has dropped by more than $12,000 in the last few days.
2:37 | 02/28/20

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Transcript for Markets plunge in worst 1-day drop in history on coronavirus fears
morning on that front so right to the latest on the coronavirus emergency. The virus is continuing to spread. Overnight more than 600 new cases reported bringing the worldwide total to more than it is now in 54 countries, major events in Asia and Europe either canceled or closed to the public in an effort to stem this spread. Here in the U.S., a lot of focus is being put this morning in northern California where officials are trying to figure out how a woman contracted the virus with no known exposure to it. That's a big deal. Also explosive allegations from a whistle-blower who claims more than a dozen people sent to receive the first Americans returning from Wuhan did not have proper training or protective gear. All this has rocked financial markets around the world. The worst sell-off on wall Street since the financial crisis in 2008. Growing fears the virus could tip economies into recession so we want to begin with Rebecca Jarvis at the New York stock exchange. Good morning, Rebecca. Reporter: Good morning, George. That's right. It was the biggest single day point drop here on Wall Street for the Dow ever in history and in the span of just one week stocks have now wiped out nearly $3.5 trillion. The sell-off continuing overnight from Europe to Asia to here in the United States. This morning, stocks in the midst of their worst week since the financial crisis. The Dow plunging more than 3,200 points in just four days after hitting record highs just last stocks are now down nearly 11%. Meaning the typical 401(k) Which ended last year over $112,000 dropped by more than $12,000 in just the last few days. Goldman Sachs predicting that the biggest companies in the U.S. May not grow at all this year because of the coronavirus. The ripple effect as cross many industries. Companies that rely on travel like Marriott and united airlines warning the outbreak will negatively affect their business while others like Nike and apple say factories shuttered in China have delayed production. Facebook canceling a major conference and Cargill joining a growing list of firms banning travel for employees. And what we've seen overnight here, Cecilia, is that the Dow is pointing to a much lower open at this point potentially as low as 300 points down and the big question this morning on wall Street's mind is how severe and how long-lasting will it be? The longer it lasts the more severe it become, the greater the ripple effect on the U.S. Economy. A lot of nerves out there.

This transcript has been automatically generated and may not be 100% accurate.

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