Associated Press

March 16, 2020, 11:48 p.m. EDT

Asian markets mixed following Wall Street’s latest dive, recession warning

Stocks rise in Sydney, Hong Kong, but fall in Tokyo, Seoul

By Associated Press


Getty Images/iStockphoto
Stocks fell Tuesday in Seoul.

Shares were mixed in Asian markets on Tuesday after the U.S. stock market plunged to its worst day in more than three decades.

Monday’s 12% drop for the S&P 500 came as voices from Wall Street to the White House said the coronavirus may be dragging the economy into a recession.

After yet another day of steep losses in Asia and meltdowns in other regions, Australia’s S&P/ASX 200 (S&P:AU:XJO)   gained 2.9% while Hong Kong’s Hang Seng (HONG:HK:HSI)   rose 0.8%. Tokyo’s Nikkei 225 (NIKKEI:JP:NIK)   lost 0.5% and South Korea’s Kospi (KOREA:KR:180721)    declined 1.8%. The Shanghai Composite index (SHG:CN:SHCOMP)   was flat while the smaller-cap Shenzhen Composite rose 0.2%. Benchmark indexes in Taiwan (TAIWAN:TW:Y9999)  , Singapore (SES:SG:STI)   and Indonesia (INDONESIA:ID:JAKIDX)   fell.

Also see: New Zealand announces massive economic stimulus plan

On Monday, the U.S. stock market plunged to its worst day in more than three decades as voices from Wall Street to the White House said the coronavirus may be dragging the economy into a recession.

Monday’s 12% drop for the S&P 500 means it has plummeted nearly 30% since setting a record less than a month ago, and it’s at its lowest point since the end of 2018. Losses were steep Monday, accelerating in the last half hour of trading after President Donald Trump said the economy may be headed for a recession and asked Americans to avoid gatherings of more than 10 people.

The Dow Jones Industrial Average (DOW:DJIA)   plunged 2,997 points, or 12.9%, and, likewise, the S&P 500 (S&P:SPX)   had its worst loss since the Black Monday crash of 1987. It surpassed Thursday’s loss of 10% for the Dow.

Link to MarketWatch's Slice.