The Dow industrials sank nearly 3,000 points Monday as fears deepened on Wall Street that the coronavirus outbreak will throw the global economy into recession. The 12.9% drop in the Dow was its worst since 1987.
The losses accelerated in the last hour of trading as President Donald Trump advised Americans to avoid large gatherings. He also said he sees a chance of recession and promised help to the struggling airline industry.
The losses came as huge swaths of the economy come closer to a standstill due to the outbreak as businesses and travel shut down.
The S&P 500 index fell 324.89 points, or 12%, to 2,386.13.