Same story on Wall Street: Stocks continue plunging

The Dow Jones Industrial Average dropped 1,732 points, or 7.4 percent, on the opening Thursday as the market selloff pushed stocks deeper into bear market territory.

Oil futures, an indicator of future economic activity, declined. Bond yields edged up as investors sought safety in US Treasury notes.

The Chicago Board Options Exchange Volatility Index, a 30-day forward looking gauge of investor sentiment based on the S&P 500 index options, hit its highest level since 2008. This suggests the market rout will continue

On Wednesday, the Dow Jones Industrial Average ended a historic 11-year bull market run by closing more than 20 percent below its all-time high and officially entering bear market territory.

The S&P 500 may follow the Dow into bear territory Thursday if the broad market continues its decline.

Investors were dissatisfied by US President Donald Trump's address Wednesday because, in their view, it didn't offer a strong fiscal response to boost economic growth during the coronavirus outbreak.

Trump said the government would provide financial assistance for sick workers, those caring for others or who are quarantined.

"President Trump in an extraordinary Oval Office address didn't offer up major new ideas on stimulus and only said he'd propose a vague payroll tax holiday to Congress without strongly standing up for any size/magnitude, Ernie Tedeschi, a policy economist for Evercore ISE, said in a research note.

"This effectively kicks the issue to Congress which is still planning to go on recess next week."

Trump's decision to suspend travel between the US and Europe for 30 days as part of the effort to limit the spread of the coronavirus hit airline and leisure stocks hard.

After the speech, Trump tweeted, "The restriction stops people not goods."

Shares of American Airlines, United Airlines and Delta posted further losses in early trading Thursday. Cruise line stocks were also clipped, including Royal Caribbean, Carnival and Norwegian Cruise Line.

The coronavirus, also called Covid-19, appears to be spreading.

The National Basketball Association suspended its season after a Utah Jazz player tested positive for coronavirus.

The decision encapsulates fears that consumers will cut back on spending, a potentially disruptive decision because consumer spending represents about 70 percent of the US gross domestic product.

"Consumers setting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome," Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said in a research note.

"It has been the US consumer who has been driving the recovery bus during this long expansion."

The Wall Street Journal reported that the New York Stock Exchange may close its trading floor and use backup electronic trading systems to curb spread of the coronavirus.

The exchange now limits outside visitors who tour the trading floor, including corporate executives who visit to ring the opening or closing bell.

In Chicago, the CME Group said it would close its trading floor where futures are exchanged. That decision may increase pressure on the New York Stock Exchange to close its trading floor, The Journal said.

The New York Stock Exchange closed in 2012 for two days after a major story flooded lower Manhattan.

Nasdaq is computerized and operates without a trading floor.