Dow drops after capping off massive 3-day rally

Stocks plummeted on Friday on the news that the U.S. now has the world’s most confirmed cases of coronavirus. 

After three days of gains, the Dow Jones Industrial average dropped more than 1,000 points, while the S&P 500 was down 4.1% and the Nasdaq Composite dropped 3.8%, per CNBC. The Dow had rallied more than 6% Thursday for its biggest three-day gain since 1931. 

There are currently at least 81,321 confirmed coronavirus cases in the U.S., per The New York Times, more cases than China or Italy. 

“We believe medium-term risks are skewed to the downside after this rally,” Maneesh Deshpande, Barclays’ chief U.S. equity strategist, said Friday, per the report. “Two other uncertainties facing investors (the length of the economic quarantine required to contain the virus and the ultimate economic damage) remain unresolved.”