Travel Industry Leads Worst Crash Since 1987

Stock markets around the world cratered on Thursday after President Trump suspended travel from Europe for 30 days in order to slow down the spread of the coronavirus in the United States. The steep sell-off, the worst in the United States since 1987, was led by the wider travel industry as airlines, cruise operators and online booking agencies suffered much deeper losses than the overall market.

While the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite Index all dropped between 9 and 10 percent on Thursday, the three largest cruise operators lost more than 30 percent with airlines close behind.