(Reuters) – The Dow Jones index fell more than 7% to a three-year low on Wednesday, moving into negative territory compared to levels when President Donald Trump took office and marking the latest landmark in Wall Street’s most dramatic selloff in decades.
At 12:36 p.m. ET the Dow Jones Industrial Average .DJI traded at 19,701.23 points, below the 19,732.40 points it closed at on Jan. 19, 2017, the day before Trump was inaugurated as the 45th U.S. president.
As the coronavirus pandemic spreads deeper in the United States and shuts down supply chains and virtually all travel, investors have panicked about its fallout on the domestic economy.
The Dow Jones remains about 1,400 points above its level on Nov. 7, 2016, a day before Trump won the U.S. presidential elections.
At its record close on Feb. 12, 2020, the index had gained more than 60% since that date.
Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Patrick Graham