Stocks Plummeting into a bear-market After European Travel Ban

Stocks Plummeting into a bear-market After European Travel Ban

Tajon Short

With the coronavirus quickly spreading globally, it’s no surprise that travel to certain countries has been banned. In the U.S., President Donald Trump has decided to ban travel to Europe for 30 days in an attempt to prevent any more of the virus from spreading in the U.S.

The Dow Jones Averages have dropped 8.07%, and the S&P 500 has dropped approximately 7%, causing a 15 minute stoppage. If it drops to 13%, it will again be halted. The NASDAQ Composite Index has also dropped.

“We made a life saving move with early action in China, and now we must do the same with Europe.”-President Donald Trump

Many of the stocks of these transportation companies have plummeted as well; this is due to the bans and general concern of the public about the virus. American Airlines has seen a 10.46% drop, and United Airlines has seen a 16.86% drop in stocks.

However, companies that offer cruise services have seen the most significant drop in their stocks. Carnival Corp. has seen a 17.52% drop, and the Norwegian Cruise Line Holdings have see a whopping 31.34% percent drop.

As the virus spreads, we can expect these numbers to grow even higher, which will have a significant impact on the global economy.