US stocks plunged deeper into the red on Thursday after President Donald Trump's address to the nation on Wednesday night failed to calm investors' concerns about the economic fallout from the coronavirus outbreak.
Traders then spent the day waiting for concrete details about a stimulus package that never materialized. All three major US indexes closed more than 9% lower. The Dow Jones industrial average, which closed in a bear market on Wednesday, dropped 10%. That marked its biggest single-day decline since Black Monday in 1987.
The S&P 500 and the tech-heavy Nasdaq finished the session more than 20% below their recent highs, putting them in bear-market territory for the first time in 11 years.