Stock Market News: Stocks Get Hammered on Ebola Fears, Dow Jones Down Over 400 Points
Stocks are down heavily Wednesday with the Dow Jones Industrials Average down over 450 points as of late day trading on fears of Ebola and a slowing global economy.
Investors are already concerned about global events and weak corporate earnings, now more Ebola fears are adding to their concerns.
This is Wall Street's worse day since 2011 when the Dow fell nearly 520 points.
Investors might be using this opportunity to sell the stocks they have, but others could be taking advantage of the drops in price and start buying.
"I think investors should take advantage of this selloff," Peter Cardillo, chief market economist at Rockwell Global Capital told CNBC.
The S&P 500 was down almost 2 percent shortly after 2 p.m. EDT.
The NASDAQ was down almost 70 points or about 1.6 percent shortly after 2 p.m. EDT.
Consumer confidence continues to fade as the CBOE Volatility Index (VIX) continues to head higher. Wednesday it was up above 30 and rose as much as 35 percent.
With data disappointing investors, the market is responding with poor performance (like today's).
"In general the only news the market reacts to now is negative news," Art Hogan, chief market strategist at Wunderlich Securities, told CNBC. Even "economic data is just background noise."
Ebola fears are causing some investors to flee the markets and get out while they can. With negative news being delivered almost daily, the markets are falling daily as well.
"News of a second health worker contracted Ebola raises questions about the ability of authorities to contain the spread of the virus,'' Carmine Grigoli, chief investment strategist at Mizuho Securities USA, told USAToday.
Stock News:
JPMorgan Chase is trading lower Wednesday, down over 5 percent to 54.93 at 2:30 EDT.
Bank of America Corp is also trading down over 5 percent to 15.65 at 2:30 EDT.
Airline stocks are also sliding on the Ebola news. United Airlines is down over 3.5 percent to $41.54. American Airlines is down over 1 percent to $31.12
What do you think of the stock market? Is the big decline valid or is it just investor fear? Leave us a comment below and let us know how you feel.
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