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Dow Jones drops nearly 800 points on Tuesday

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Posted at 4:59 PM, Mar 03, 2020
and last updated 2020-03-03 16:59:33-05

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, at 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.