Rising anxiety over the global coronavirus outbreak pushed the stock market into a new zone of fear Thursday.

After falling sharply all week, the Dow Jones industrial average tumbled 1,190.95 points to close at 25,766.64 – its worst one-day point drop in history.

Mounting worries about the virus spreading in the USA rattled investors as the number of worldwide cases topped 82,000. Thursday's losses put the blue-chip average into a correction – a decline of 10% from a recent high – for the first time since December 2018.

The sharp declines wiped out the Dow’s gains for the year and trillions of dollars from investors' portfolios in a matter of days.

"We're in a free fall," says Charles Lemonides, portfolio manager at ValueWorks. "This is the sharpest drop we've seen in a very long time, and I don't know how much longer this could go. It's almost impossible to position your portfolio for this for the next several weeks. You'd be taking ridiculous chances."

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Other major stock indexes also dropped. The Standard and Poor’s 500, the broadest measure of U.S. stocks and the index used as a benchmark for index funds, slid 4.4% to 2,978.76. That landed the index in correction territory as well after a record high Feb. 19. The Nasdaq, which slumped 4.6% to end at 8,566.48, was off more than 10% from its all-time high Feb. 19.

Traders are concerned the global economy could stumble as major industrial countries struggle to contain the outbreak. The U.S. economy remains strong for now, driven by record-low unemployment, a firming housing market and robust consumer spending, which accounts for more than two-thirds of U.S. economic growth.

"No one feels that there's any certainty on how we're going to contain this virus and what the true ripple effects are going to be for the economy," says Jonathan Corpina, senior managing partner at broker-dealer Meridian Equity Partners. "That uncertainty is causing fear in our communities and in the stock market. The fear can only stop when the U.S. government steps up and addresses this."

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The yield on the 10-year Treasury, a closely watched barometer for the U.S. economy, briefly hit a record low, sliding below 1.25% Thursday, down from 1.34%. The yield on the three-month Treasury bill hovered at 1.44%. The inversion in the yield between the 10-year and the three-month Treasurys is a red flag for investors because it has preceded the past seven recessions.