US stocks ended another session deep in the red as investors continue to worry about the fallout from the coronavirus pandemic.
There is a lot on investors’ minds right now: expected recessions around the world, lower demand for energy and goods, and liquidity worries in financial markets.
The selloff hit across asset classes on Wednesday.
US stocks erased the prior session’s gains and closed lower. They had staged a rebound rally on Tuesday, bouncing back from Wall Street’s worst day since 1987.
The Dow closed down 6.3%, or 1,338 points, and has now erased most of its gains accumulated under the Trump administration.
The S&P 500 is also edging closer to falling below its January 2017 level. The index finished down 5.2%. The Nasdaq Composite closed down 4.7%.
Trading was briefly halted during the early afternoon after the S&P fell 7%, thereby triggering the New York Stock Exchange’s circuit breaker.
Despite the Trump administration proposed a $1 trillion economic rescue package to combat the fallout from the coronavirus pandemic that was announced Tuesday, investor sentiment continued to deteriorate.
By Anneken Tappe, CNN Business