Why Did the Stock Market Plunge on June 11?
U.S. stocks suffered their worst one-day sell-off in three months on June 11 as growing concerns about a second wave of coronavirus cases took hold. The Dow Jones closed down over 1,800 points, or 6.9% while the S&P 500 and Nasdaq fell 5.89% and 5.27%, respectively.
It was the worst day for the major indexes since March 16.
Investors took gains anywhere they could. The biggest losers across the board were airlines, cruise operators, and retailers.
Thursday’s downturn comes after the Fed said it plans to keep interest rates near zero for now; the target range currently sits at 0% to 0.25%. Additionally, the central bank estimates that the U.S. economy will shrink 6.5% this year but expects gains of 5% and 3.5% for 2021 and 2022
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