Billions wiped out again, ASX 200 plunges over 7%

The S&P/ASX 200 Index (ASX:XJO) plunged over 7% today, marking another of the worst days in its history again.

Tristan Harrison

Author Bio Tristan Harrison has a decade of experience as an ASX share investment writer and was previously a business, tax and audit accountant for seven years. Tristan has contributed to The Motley Fool since October 2016. He has an advanced diploma from the Association of Accounting Technicians and is currently enrolled in the Chartered Institute Management Accountant (CIMA) program. Tristan's goal is to help Australians learn about great ASX shares that can help grow their portfolio, wealth and dividends over the long-term. Areas of Expertise ASX dividend shares and passive income strategies ASX growth shares and ETFs Business and company financial analysis Franking credits and personal tax topics Personal finance Education Advanced diploma from the Association of Accounting Technicians Enrolled in the Chartered Institute Management Accountant (CIMA) program Social Media X/Twitter Favorite Investment Quote "Live within your income and save so that you can invest." — Charlie Munger

Published March 12, 2020 5:01 pm AEDT

It was another terrible day for the S&P/ASX 200 Index (ASX: XJO) due to the coronavirus. It fell over 7% after more negative news.

US bans European travellers

United States President Donald Trump has banned all European travellers for at least 30 days.

The move is meant to protect the US from getting any more imported cases, though US citizens are free to return from Europe.

Initially, Trump said that trade and cargo would also be banned from Europe, though he then clarified later that trade will in no way be affected.

Various travel businesses took a large tumble after the news. The Webjet Limited (ASX: WEB) share price fell almost 20%. The Qantas Airways Limited (ASX: QAN) share price dropped 9.9%. The Flight Centre Travel Group Ltd (ASX: FLT) share price went down 18.2%. The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price fell 3.8%. The Corporate Travel Management Ltd (ASX: CTD) share price dropped 9.6%.

Australia announces stimulus package

Various Australian individuals and businesses will be entitled to financial support due to the coronavirus.

Many Australians will receive a $750 payment, small and medium businesses will get support for employees and a larger number of businesses will get incentives to invest in plant and equipment assets.

Despite these measures, various Australian shares focused on the domestic economy dropped. The Commonwealth Bank of Australia (ASX: CBA) share price declined by 7.9%, the Wesfarmers Ltd (ASX: WES) share price fell 6.5%, the JB Hi-Fi Limited (ASX: JBH) share price went down 8.2% and even the Dicker Data Ltd (ASX: DDR) share price dropped 1.25%.

Rest of the share market drops

There were only two shares that went up in the ASX 200 today. The Cimic Group Ltd (ASX: CIM) share price rose 2.2% and the Pro Medicus Limited (ASX: PME) share price increased by 1.25%.

The rest of the ASX was a sea of red. Two of the other worst share price falls belonged to Pilbara Minerals Ltd (ASX: PLS) and IOOF Holdings Limited (ASX: IFL), they dropped 20% and 15.8% respectively.

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