US, WASHINGTON (ORDO NEWS) — US stocks accelerated their decline on Wednesday, and the Dow lost almost all the gains gained since the inauguration of U.S. President Donald Trump in 2017 amid fears that the consequences of the coronavirus pandemic would undermine economic activity.
The S&P 1500 index fell 20.8% amid vacant airports and hotels, and also after airlines asked employees to take unpaid leave to stop losses. Hilton, Marriott, and Hyatt shares were down from about 12% to 19%.
Trump’s request to Congress to approve the payment of $ 500 billion in cash to taxpayers, as well as loans to airlines for $ 50 billion, could not support the markets.
The Dow Jones Industrial Average fell 6.3% to 19.898.92 points, the S&P 500 fell 5.18% to 2.398.1 points, and the Nasdaq Composite fell 4.7% to 6.989.84 points.
During the session, the indices lost up to 7%, which caused another automatic 15-minute suspension of trading.
American oil futures on Wednesday fell by almost 17%, reaching a minimum in 18 years during the trading session, the S&P 500 energy sector closed at its lowest level since early 2003.
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