A firm headquartered in Wisconsin sounded theclosing gong at the New York Stock Exchange on Thursday. signaling the conclusion of one of the most disastrous days for the stock market in many years.
The payments and fintech firm Fiserv, based in downtown Milwaukee, has been chosen to sound the closing bell. Leading the charge was Chairman and CEO Frank Bisignano, who is currently going through the Senate confirmation process under President Donald Trump’s administration. chose him to head the Social Security Administration.
On Thursday, U.S. stocks ended significantly lower, with the Dow Jones Industrial Average declining by almost 1,700 points, or 4%, and the broader S&P 500 index falling around 275 points, or 4.8%. The technology-focused Nasdaq Composite Index saw an even steeper drop of 5.97%—or 1,050.44 points—which marks its largest one-day decrease since March 2020, when the coronavirus pandemic began.
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The market downturn occurs one day following Trump He revealed his tariff proposal on Wednesday, setting rates at a minimum of 10% for all nations, with implementations starting from April 5. Additionally, he disclosed increased duties for certain particular countries.
Stocks of firms such as Walmart, Target, Five Below, Gap, Dollar Tree, and Amazon—which bring in large quantities of products from Asia—declined.
In the realm of major technology companies, Apple’s stock took a significant hit, dropping by 9.25%. This decline was largely due to its substantial production facilities located in China. Concurrently, oil prices experienced their steepest drop in nearly three years, plummeting over 5.5%, as concerns about an impending worldwide economic downturn dampened expectations for crude demand.
USA Today provided additional reporting for this story.
The article initially appeared in the Milwaukee Journal Sentinel. The Fiserv chief executive concludes trading at the New York Stock Exchange on what turned out to be its most dismal day since 2020.