Financial markets dip after Dow closes below 20K

(NEW YORK) — U.S. financial markets opened lower Thursday following Wednesday’s steep sell-off as the coronavirus crisis continues to upend Wall Street.

The Dow Jones Industrial Average fell more than 400 points or about 2% in opening trading. The S&P 500 dipped by about 2% and the Nasdaq was down by about 1%.

On Wednesday, the Dow closed down by more than 1,300 points, or 6.28%, as volatility amid the coronavirus pandemic continues. It fell below 20,000 for the first time since February 2017.

At one point Wednesday, trading on Wall Street was briefly halted after the S&P 500 fell below the 7% threshold. The S&P 500 closed 5.17% down.

Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, described the recent volatility as “a market that has nothing to hold onto to steady it.”

“The economic data won’t show anything positive for quite a while and markets can’t really give any credible outlook on earnings right now,” he told ABC News Wednesday.

While the markets may bounce around based on the headlines, “it’s unlikely to bottom until we see that peak in new virus cases, so we just don’t know when that will be,” he added.

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