CHICAGO (WBBM NEWSRADIO) -- Stocks closed sharply lower Wednesday, with the Dow Jones industrials falling into bear-market territory, as traders continue to digest the rapid spread of the coronavirus and its impact on the global economy.
The S&P 500 shed 140, the NASDAQ lost 392 and the Dow Jones industrial average closed down nearly 1,465 points -- settling to 23,553.
"I think the market is anticipating worse news from here, but when we do get the worse news, it seems to be reacting once again. So, it’s hard to know what the right price is for stocks these days," said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.
"Going through these types of things in the past, we tend to overreact, and the market probably will fall too far for the current environment."
He noted that over the five previous outbreaks we've endured, those who invested during that time of volatility, consistently made money in stocks within a year.