NEW YORK: Wall Street stocks suffered another bruising rout on Wednesday , with the Dow sinking into a bear market, as the economic toll from the coronavirus mounts with more major event cancellations.
The Dow Jones Industrial Average plunged around 1,465 points, or 5.9 per cent, to 23,553.22, yet another brutal daily drop that left the index more than 20 per cent below its peak, making it a bear market. The move is the latest escalation of a fight among oil producers after Russia balked at an OPEC-backed plan to cut production in response to lost demand from the coronavirus.
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