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On Wednesday, "April Fool's Day," Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) CEO Warren Buffett (Trades, Portfolio)'s favorite market indicator stood at 113.6%, up 2.1% from the March 16 level of 111.5% yet down 25% from the March 3 level of 138.6%. More importantly, the ratio of total market cap to gross domestic product tumbled 41.1% from the all-time high of 154.7% set during the first two months of 2020 as coronavirus fears rattled markets during March.
The Dow Jones Industrial Average closed at 20,943.51, down 973.65 points or 4.44% from Tuesday's close of 21,917.16. Apple Inc. (NASDAQ:AAPL), the top holding of Berkshire, tumbled over 5% for the day.
According to John Hopkins University statistics, coronavirus cases topped 900,000 around the globe, with over 200,000 cases in the U.S., doubling since last Friday. CNBC added that the acceleration of cases in the U.S. stems from "broader testing" and outbreaks in major cities around the country.
Stocks tumbled on President Trump's comments during a White House press conference on Tuesday that the number of virus casualties could reach at least 100,000 over the next two to three weeks despite Trump "wanting as few as a number of people to die as possible."
Other stocks contributing to the Dow's decline included Boeing Co. (NYSE:BA), American Express Co. (NYSE:AXP) and Dow Inc. (NYSE:DOW).
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