Stocks drop on Wall Street despite promises of virus aid

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FILE – In this Friday, March 13, 2020, file photo, a trader walks on the floor of the New York Stock Exchange during President Donald Trump’s televised speech from the White House, in New York. Stock markets are set for another week of turbulent trading as U.S. index futures fell sharply after the Federal Reserve slashed interest rates and more companies and governments took action over the weekend to shut down European and American society. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) – Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession.

The Dow Jones industrials fell 1,100 points, or 5%, in the first few minutes of trading Wednesday.

European markets are also down a similar amount and the price of crude oil dropped 10% to its lowest level in 17 years as traders anticipate a sharp pullback in demand for energy.

The sharp market swings came despite promises from President Donald Trump to prop up the U.S. economy with a package worth as much as $1 trillion.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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