Stocks drop as recession fears take hold; Dow loses 1,300 - FOX34 Lubbock

Stocks drop as recession fears take hold; Dow loses 1,300

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NEW YORK (AP) - Stocks are closing sharply lower as fears of a prolonged coronavirus-induced recession take hold.

The Dow industrials lost more than 1,300 points, or 6.3%. After a brutal few weeks, the Dow has now lost nearly all of its gains since President Trump's inauguration.

Wednesday's losses deepened after a temporary halt was triggered in the early afternoon. Even prices for investments seen as very safe, like longer-term U.S. Treasurys, fell as investors rushed to raise cash.

The price of oil fell 24% and dropped below $21 per barrel for the first time since 2002. 

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