(CNBC) — Stocks sank on Wednesday as Wall Street kicked off the second quarter on a sour note amid concerns the coronavirus will keep the economy shut down longer than expected.
The Dow Jones Industrial Average closed 973.65 points lower, or 4.4%, at 20,943.51. The S&P 500 slid 4.4% to 2,470.50 along with the Nasdaq Composite, which closed at 7,360.58. The major averages hit their session lows in the final minutes of trading, with the Dow briefly falling more than 1,100 points.
President Donald Trump said Tuesday evening the U.S. should prepare for a “very, very painful two weeks” from the rampant coronavirus. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S.