NEW YORK (AP) — Stocks are sinking sharply again Wednesday, nearly wiping out a huge rally from a day earlier as Wall Street continues to reel from worries about the coronavirus.
Another big central bank made an emergency cut to interest rates in hopes of blunting the economic pain caused by COVID-19, which economists call the global economy’s biggest threat. But investors are still waiting for details promised earlier by President Donald Trump on potential aid for the economy through tax breaks and other relief.
Stocks fell from the opening of trading in New York, including a 3.7% loss for the S&P 500. The losses deepened as the day progressed, and the Dow Jones Industrial Average was down more than 1,000 points.