Dow Plummets Nearly 3,000 Points As Virus Fears Spread

Those efforts, so far, have yet to stem the selloff. The S&P 500 is down 30% from its peak reached less than a month ago. Shares in the two largest U.S. companies by market value—Apple Inc. and Microsoft Corp.—each dropped more than 12% Monday.

The blue-chip index plummeted 2997.10 points, or 13%, to 20188.52, marking the second worst day in the index’s history. The S&P 500 dropped 324.89 points, or 12%, to 2386.13. And the Nasdaq Composite tumbled 970.28 points, or 12%, to end the day at 6904.59—the tech-heavy index’s steepest ever one-day fall.

All three major indexes are in a bear market.

Bank stocks were among the hardest hit Monday, with Citigroup Inc. falling 19%. Bank of America Corp. and JPMorgan Chase & Co. both declined 15%. The Fed, which took a range of actions to support bank lending, noted companies around the world are drawing down their credit lines for working capital as economic activity slows, putting pressure on lenders.

Those efforts were part of the central bank’s broader bid to stabilize the economy. It slashed its benchmark interest rate to near zero—the second emergency rate cut this month and said it would buy $700 billion in Treasurys and mortgage-backed securities, among other things.