By Yasin Ebrahim
Investing.com – The Dow extended its losses on Wednesday, led by energy on growing fears about the economic fallout from the ongoing coronavirus pandemic.
The Dow fell 9.8%, or 2,074 points, the S&P 500 slumped 9.11% and the Nasdaq Composite slipped 8.07%.
Just a day after rebounding on hopes of White House stimulus package reportedly worth up to or more $1 trillion, the broader market is selling off, paced by a decline in energy stocks amid a slump in oil prices on continued concerns about significant disruptions slump in travel demand.
Against the rise in Covid-19 infections, President Donald Trump said he will invoke the Defense Production Act, which would allow the president to force industries to manufacture medical supplies like masks that are in short supply.
The number of infections in the U.S. coronavirus has risen to more than 6,400, with more than 100 deaths reported so far.
The fast-pace selling on Wall Street comes as stocks were suspending from trading earlier today, after slumping more than 7%.