The stock market has been in a jarring up-and-down pattern for weeks. Spencer Platt/Getty Images hide caption
Updated at 10:33 a.m. ET
The U.S. stock market dropped sharply again Wednesday, with Dow Jones Industrial Average futures down more than 900 points, about 4%, as market turbulence continues over the coronavirus pandemic.
Vice President Pence tells NPR disruptions from the outbreak could continue until midsummer. President Trump said Wednesday on Twitter that the U.S. border with Canada will be closed temporarily "by mutual consent" but that "trade will not be affected." It's the latest in a series of border shutdowns around the world in response to the pandemic.
The stock market has been in a jarring up-and-down pattern for weeks. Just on Tuesday, the Dow soared 1,049 points, or 5.2%, after the Trump administration unveiled plans for a $1 trillion stimulus package and the Federal Reserve unveiled a special loan program to help offset the economic damage.
The Dow has fallen more than 30% from its record high set on Feb. 12. The broader S&P 500 index fell nearly 4% just on Wednesday. European markets were also down around 4%.
Oil prices tumbled 10%, to about $24 per barrel. The price of oil has dropped 60% so far this year as the world economy has virtually ground to a halt in response to the coronavirus and as major producers Saudi Arabia and Russia have entered a price war.
The pandemic is hitting American pocketbooks, with nearly 1 in 5 households experiencing a layoff or a cut in work hours, according to a new NPR/PBS NewsHour/Marist poll. Restaurants, bars, hotels and airlines have been hit hard, but the ripple effects are spreading across the economy and thousands of people are suddenly out of work.
https://news.google.com/__i/rss/rd/articles/CBMiZGh0dHBzOi8vd3d3Lm5wci5vcmcvMjAyMC8wMy8xOC84MTc2NTAyNzIvYW5vdGhlci1kYXktYW5vdGhlci1kaXJlY3Rpb24tZm9yLXN0b2Nrcy10aGlzLXRpbWUtaXRzLWRvd27SAQA?oc=5
2020-03-18 14:44:40Z
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