CNBC Business News Update - Market Close: Stocks Sell Off, Dow Below 41k For The First Time Since September 2024, S&P 500 Index Officialy In Correction 3/13/25

Episode Date: March 13, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger CNBC. Wall Street opens Friday morning after yet another sell-off for stocks. It was an ugly Thursday. Investors are worried about tariffs and a possible recession. The S&P 500 index now officially in correction. It's down 10% from its recent all-time high. On Thursday the Dow plunged 537 points, 1.3% led lower by shares of Salesforce. The S&P 500 index was down 77 points, that was 1.4%. The Nasdaq plunged 345 points, that was almost 2%. The Nasdaq now for the year is down 10%. The Dow is below 41,000 for the first time since last September. Look, it's always when a correction happens, it's always multiple things.

It's not just, oh, we're kind of thinking growth is soft. It's momentum reversal, policy fears. CNBC's Mike Santoli. People were cheering in the back there because they always do at the market close. They're not cheering the stock sell off. Treasury Secretary Scott Besant spoke with CNBC's Sarah Eisen about the market pullback. Last week, he told CNBC the US is in for a detox. Eisen asked him on Thursday if that means recession,

and he didn't rule it out. 62% of Americans own stocks. I mean, it's near 20-year high. So how can the White House not be concerned about hardworking Americans 401k plans? Sarah, I didn't say we're not concerned. I'm not concerned about a little bit of volatility over three weeks, because if you look over the long term, the reason stocks are a safe and great investment is because you're looking over the long term. And here's Evans May Welts, Lizzie Evans on CNBC.

I certainly don't think the volatility is over and we aren't out of the woods yet. If you look at the S&P 500, we've had a 9% drawdown since the all-time highs. So if we go back to 1980, if an investor were to buy every 10% dip, Six months later, you're positive 76% of the time. And then the non-recession scenario, you're positive 86% of the time. So those are pretty good odds, but now the question is, will we enter a recession? Wine and champagne producers in the EU

are facing a new post from President Trump, a 200% tariff on alcohol they ship into the US. I've been working all morning on the tariff, the possibility, the 200 percent tariff. I'm in the liquor business, my wife's in the liquor business. With champagne, it's actually devastating. You know, 200 tariff would roughly double the shelf price. 200 percent double the shelf price. Well, I'm not going to be drinking Vivica Golf. It's like, you know, twice what it's for. So it's pretty punitive. That's CNBC Mad Money host Jim Kramer. On Friday's watch list, we get the latest

on consumer sentiment. It is Pi Day 3.1415926535. New in theaters focus features Black Bag, Paramount's Novocaine, A24's Opus, and a Warner Brothers Looney Tunes movie, The Day the Earth Blew Up with Porky Pig and Daffy Duck. Jessica Edinger, CNBC.