Another volatile session saw the benchmark US indices erase much of the gains of the previous session, with ongoing anxiety around the spread of the coronavirus sending US Treasury yields to fresh all-time lows (and putting more pressure on bank share prices) - Dow fell -970-points or -3.58%. The Dow has had two 4% or more gains in the last three days. The last time the index had two 4% gains or more in a three trading day span was in November 2008. The broader S&P500 -3.39%, with Industrials (down -4.96%) and Financials (-4.88%) leading all eleven primary sectors into the red. Airline stocks took a beating and led declines in the Dow Jones Transportation Average (which entered official bear market territory). United Airlines Holdings Inc slumped -13.4%, while American Airlines Group Inc tumbled 13.2% to log its worst session since 2016. Trade body IATA forecast revenue losses for the global air transport sector in 2020 of between US$63B-US$113B, up from a previous estimate of US$29.3B. Car rental companies. The technology-centric NASDAQ fell -3.07%.
