Stocks Tumble, Investors Dash for Cash Amid Recession Fears
NEW YORK (AP) — Stocks tumbled more than 5% on Wall Street Wednesday and wiped out virtually all the gains for the Dow Jones Industrial Average since President Donald Trump's inauguration three years ago.
Even prices for investments seen as very safe fell as the coronavirus outbreak chokes the economy and investors rush to raise cash.
The Dow lost more than 1,300 points, or 6.3%, and is clinging to a 0.4% gain since Trump took the oath of office.
The S&P 500 lost 5.2%.
The price of oil fell 24% and dropped below $21 per barrel for the first time since 2002.