Dow Jones drops nearly 800 points on Tuesday

Posted at 4:59 PM, Mar 03, 2020
and last updated 2020-03-03 20:55:20-05

Coming off a day of record-breaking gains, the Dow Jones Industrial Average took a major hit on Tuesday, closing down nearly 800 points amid coronavirus fears.

The Dow dropped despite the Federal Reserve announcing that interest rates would drop by .5 percent, a move generally used to help boost the economy in times of economic downturns.

While the Dow gained nearly 1,300 points on Monday, a one-day record, the Dow has lost nearly 4,000 points in recent weeks. The market has lost nearly 15% of its total value in that time span.

Among the industries to see major losses include travel, pharmaceutical and aviation. Companies such as Boeing, Walt Disney and Walgreens have seen double-figure losses in their stock value.

Oil companies such as Chevron have also seen a large drop in value in recent weeks.