The Dow Jones fell 600 points on Wednesday as investors fled to safe-haven assets after new orders for US-made goods plunged to an 11-year low and the White House issued a dire warning on the US death toll from the coronavirus pandemic.
The blue-chip Dow and the S&P 500 were set to extend losses entering into the second quarter, as efforts to contain the outbreak resulted in deserted shopping streets, massive staff furloughs and a halt in business activity.
Meanwhile, the collapse in oil prices brought about its first major casualty, with shale producer Whiting Petroleum filing for Chapter 11 bankruptcy protection. Its shares nearly halved in value. "People are concerned with the economic reality of both the depth as well as the duration of what this episode will be for the global economy," said Eric Freedman, chief investment officer at US Bank Wealth Management in North Carolina.
At 11:36 a.m. ET the Dow Jones Industrial Average was down 575.69 points, or 2.63%, at 21,341.47, the S&P 500 was down 76.78 points, or 2.97%, at 2,507.81 and the Nasdaq Composite was down 180.05 points, or 2.34%, at 7,520.05.