For stock investors the second quarter kicked off on a down note as U.S. cases of the coronavirus topped 200,000.


The Dow Jones Industrial Average plunged over 973 points or 4 percent, while the S&P 500 and Nasdaq Composite fell 4.4 percent.

Boston Federal Reserve President Eric Rosengren believes the coronavirus is a ‘Black Swan’ event that will result in two-quarters of negative GDP growth coupled with a 10 percent unemployment rate for several months, a far cry from the current rate of 3.5 percent.

The selling follows the worst first quarter in years after President Trump warned the number of COVID-19 infections is set to surge warning Americans that the country is in for a “very painful two weeks” and that the number of deaths in America due to the virus could surge as high as 240,000.

The blue-chip Dow plummeted 23 percent during the first three months of the year, its worst quarter since 1987. The S&P 500 fell 20 percent and the Nasdaq Composite shed 14 percent, their worst quarterly performances since the fourth quarters of 2008 and 2018, respectively.

Looking at stocks, oil companies got some attention on word the executives of the major energy companies will meet with President Trump on Friday to discuss the collapse in crude prices which fell 0.83 percent to $20.31 on Wednesday.

Airlines were also in focus after data showed passenger traffic was down 86 percent in two weeks. Cruise operators were also lower amid renewed fears over the health of the industry. Read more at FOX Business