Chattanooga companies shed over $1.3 billion in market value during stock market sell off

Trader Michael Milano works on the floor of the New York Stock Exchange, Monday, March 9, 2020. The Dow Jones Industrial Average sank 7.8%, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets. (AP Photo/Richard Drew) Trader Michael Milano works on the floor of the New York Stock Exchange, Monday, March 9, 2020. The Dow Jones Industrial Average sank 7.8%, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets. (AP Photo/Richard Drew)

By Dave Flessner, compiler March 9, 2020 1 min read

The market value of Chattanooga’s publicly traded companies collectively sunk Monday by more than $1.3 billion, bringing the losses in stock values of the local firms over the past week to nearly $3 billion.

All eight of Chattanooga’s stock-traded companies suffered a drop in the market Monday during the widespread sell-off on Wall Street.

Shares of Chattanooga’s biggest publicly traded company, the insurance giant Unum Group, fell to the lowest level since 2009 when the Great Recession began. The stock prices of two local stocks – shopping center developer CBL & Associates Properties and trucking giant U.S. Xpress Enterprises – fell to all-time lows.

LOCAL STOCKS DROP

* Mohawk Industries fell by 5.2% to $112.38, its lowest price since last August