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Stocks Drop Over Recession Fears; Dow Loses 1,300

Stocks Drop Over Recession Fears; Dow Loses 1,300

Stocks Drop Over Recession Fears; Dow Loses 1,300

NEW YORK (AP) — Stocks are closing sharply lower as fears of a prolonged coronavirus-induced recession take hold.

The Dow lost more than 1,300 points, or 6.3%.

After a brutal few weeks, the Dow has now lost nearly all of its gains since President Trump’s inauguration.

Wednesday’s losses deepened after a temporary halt was triggered in the early afternoon.

Even prices for investments seen as very safe, like longer-term U.S. Treasurys, fell as investors rushed to raise cash.

The price of oil fell 24% and dropped below $21 per barrel for the first time since 2002.

Original Story:

NEW YORK (AP) — Stocks fell 7% on Wall Street and triggered another temporary halt to trading as fears spread that the coronavirus is causing a global recession.

The Dow has lost all its gains since President Donald Trump’s inauguration.

The price of crude oil dropped more than 15% as traders anticipate a sharp pullback in demand for energy.

Even prices for longer-term U.S. Treasurys, which are seen as some of the safest possible investments, fell as investors sold what they could to raise cash.

The sharp market swings came despite promises from Trump to prop up the U.S. economy with a package that could reach $1 trillion.

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