NEW YORK (AP) – Stocks are closing sharply lower on Wall Street, erasing more than 1,400 points from the Dow industrials, as investors wait for a more aggressive response from the U.S. government to economic fallout from the coronavirus.
The Dow has now fallen 20% from its recent high, and the broader S&P 500 nearly as much. The losses accelerated after health authorities declared the outbreak a pandemic. The World Health Organization cited “alarming levels of inaction” by governments in corralling the virus.
The market was also weighed down by a continued decline in oil prices, which fell another 4%.