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.
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