NEW YORK (AP) -- Stocks are closing sharply lower as fears of a prolonged coronavirus-induced recession take hold.
The Dow industrials lost more than 1,300 points, or 6.3%. After a brutal few weeks, the Dow has now lost nearly all of its gains since President Trump's inauguration. Wednesday's losses deepened after a temporary halt was triggered in the early afternoon.
Even prices for investments seen as very safe, like longer-term U.S. Treasurys, fell as investors rushed to raise cash. The price of oil fell 24% and dropped below $21 per barrel for the first time since 2002.