Dow falls 6.3% in latest US stocks rout

NEW YORK: Wall Street stocks plunged again on Wednesday as the economic toll from the coronavirus mounts and analysts warn of a deep recession.

The Dow fell as much as 10 per cent during the early afternoon, but stocks rallied somewhat near the end of the session as the US Senate passed a US$100 billion emergency package for free coronavirus testing, sick pay and other benefits related to the crisis. "These outcomes are worse than were recorded during the global financial crisis or the European sovereign crisis," the note said of the second quarter.Petroleum-linked shares suffered an especially brutal round as US oil prices plunged 24 per cent to US$20.37 a barrel, its lowest price since 2002 on a demand outlook that worsens by the day.

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