Stocks take a hit as investors continue to worry about coronavirus

In its biggest one-day drop ever, the Dow sunk nearly 1200 points.
2:54 | 02/28/20

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


Related Extras
Related Videos
Video Transcript
Transcript for Stocks take a hit as investors continue to worry about coronavirus
We begin tonight with a historically bad day on Wall Street stocks took a dive as investors continued to worry about the spread of corona virus. The Dow lost nearly 12100. Points for its biggest one day drop ever. All the major averages are now in correction territory. And the Dow and S and pier on track for their worst week since the financial crisis Rebecca Jarvis is on Wall Street force Rebecca. Today Goldman Sachs said it expects zero earnings growth for American companies this year. What does this mean for the average consumer. Well what it could mean for the average consumer are changes to the price you pay. For anything from a flight each to your medications should it also very likely will have some impact at least in the near term. On what happens to that 401K Diana of course when you're thinking about your four when care retirement savings account you want to think beyond the short term fluctuations and think many years out that's how people. Should be thinking about investing for retirement but in the near term you can expect a lot more volatility more headlines in from a Wall Street's standpoint the biggest concern is how long this outbreak lasts and what that means for how we behave if we get nervous and stop traveling don't go out to restaurants don't go to the movies there's a snowball effect a ripple effect there. On the US economy and while some things like for example. Pharmaceutical prices could go up because of the fact that a lot of those products come from China which has been in a standstill because of the corona virus. There's also the flip side which is some things will cost last travel. Restaurants. And hotels will very likely have. Give us some perspective on how bad this is and could there be an opportunity for bargain hunters there as well. Well if you think about this from the standpoint of where things were just a few weeks ago just a couple of weeks ago February 12 and the market hit a record all time high and we're about 11% down from there since that point. Stocks have wiped out 3.4. Trillion dollars in value but as they said before the waving at people out there. Should be thinking about this the way that everybody was talking about the long term saving for retirement keeping that nest egg. Thinks about investing is over the long haul it's not about finding an opportunity. Today or tomorrow it's about thinking about thirty years from now. How much money are you going to need to retire and constantly putting money in from that for a one K especially when you have a company match Diane. All right Rebecca Jarvis on Wall Street Forrest thanks Rebecca.

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

{"duration":"2:54","description":"In its biggest one-day drop ever, the Dow sunk nearly 1200 points.","mediaType":"default","section":"ABCNews/US","id":"69267972","title":"Stocks take a hit as investors continue to worry about coronavirus ","url":"/US/video/stocks-hit-investors-continue-worry-coronavirus-69267972"}