The Dow Jones Industrials fell back 973.65 points, or 4.4%, to 20,943.51. Boeing, American Express and Dow Inc all fell more than 7.5% to lead Dow industrials lower.
The broader S&P 500 fell 114.09 points, or 4.4%, to 2,470.50. Real-estate investment, utilities, energy and financials led the S&P 500 lower with each of those sectors down at least 5%.
The NASDAQ Composite tossed 339.52 points, or 4.4%, to 7,360.58.
President Donald Trump said Tuesday evening the U.S. should prepare for a “very, very painful two weeks” from the rampant coronavirus. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S.
New York Gov. Andrew Cuomo said Wednesday he is closing all New York City playgrounds, adding the state’s model projects a high death rate through July. He also said cases in New York state now total more than 83,000.
More than 874,000 cases have been confirmed around the world, according to Johns Hopkins University. Of those cases, over 189,000 are in the U.S. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told the media that he is starting to see “glimmers” that social distancing is helping to lessen the spread of the coronavirus.
Data from ADP and Moody’s Analytics showed U.S. companies cut 27,000 jobs through March 12. Actual losses for the month were far worse, as shown by the record number of jobless claims in the week or March 20.
Meanwhile, the Institute for Supply Management manufacturing index fell to 49.1 in March from 50.1 in February, signaling a contraction in U.S. manufacturing activity amid the pandemic.
Prices for the 10-Year U.S. Treasury hiked, lowering yields to 0.61% from Tuesday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices gained 42 cents to $20.90 U.S. a barrel. Gold prices gained four dollars to $1,600.60 U.S. an ounce.