(CNN Business) – The US shares had a drastic selling day again on Thursday when concerns about the coronavirus increased. The S&P 500 recorded its worst day since August 18, 2011, and the three main indexes fell into correction territory. Actions are on their way to their worst week since the financial crisis.
The Dow fell 1,191 points, or 4.4%, in its worst one-day drop in history. The index has fallen more than 10% below its most recent peak, which corrects it.
The S&P 500 closed with a fall of 4.4% and finished the day below the 3,000 point mark. The index is also in correction territory.
The Nasdaq Composite ended with a fall of 4.6%, more than 10% below its last peak.
All three indices are on their way to their worst week since the fall of 2008, in the midst of the financial crisis.
In the United Kingdom, the FTSE 100 also fell into correction territory on Thursday. This is the first market correction since December 2018.
The shares are not yet so close to a bear market, which is defined as 20% or more below the most recent peak. The S&P 500 is 12% below its peak.
Global equities have been sold worldwide throughout the week as investors worry about the spread of the virus. In the United States, the shares spent all Thursday in red numbers, despite a short-lived rally around noon during which the S&P and the Nasdaq briefly left the correction.
“The game has changed with Italy and also with the new case in California,” said Keith Buchanan, portfolio manager at GLOBALT Investments, referring to the latest cases of coronavirus.