Dow sinks as coronavirus fear grips market
Stocks are falling sharply on Wall Street as fears over the economic fallout from the coronavirus outbreak grip markets again.
The Dow Jones industrials dropped 1600 points, or 6.7 per cent, in late trading on Wednesday.
Both the Dow and the broader S&P 500 have now fallen roughly 20 per cent from their recent highs.
The losses accelerated after health authorities declared the outbreak a pandemic, and brought the US stock market to the brink of ending one of its greatest-ever runs.
Investors are still waiting for details from the Trump administration about aid promised for the economy.
The stakes are rising as the World Health Organisation cited "alarming levels of inaction" by governments in corralling the virus when it made its pandemic declaration.
The Bank of England cut interest rates as an emergency measure, following similar moves by central banks in the US and Canada.
Invesco's chief global market strategist Kristina Hooper said the US government probably should have been thinking about stimulus last month.
"Every day that passes makes the economic impact of coronavirus that much worse," she said.
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