Another Day, Another Direction For Stocks: Dow Down 1,200 Points

Updated at 9:49 a.m. ET

The U.S. stock market dropped sharply again Wednesday, with Dow Jones Industrial Average futures down more than 1,200 points, about 6%, as market turbulence continues over the coronavirus pandemic.

Vice President Pence tells NPR disruptions from the outbreak could continue until midsummer. President Trump on Wednesday said on Twitter that the U.S. border with Canada would be closed temporarily "by mutual consent" but that "trade will not be affected." It's the latest in a series of border shutdowns around the world in response to the pandemic.

The stock market has been in a jarring up-and-down pattern for weeks. Just Tuesday, the Dow soared 1,048 points, or 5.2%, after the Trump administration unveiled plans for a $1 trillion stimulus package and the Federal Reserve unveiled a special loan program to help offset the economic damage.

The Dow has fallen more than 30% from its record high set on Feb. 12. The broader S&P 500 index fell nearly 5.5% Wednesday. European markets were also down about 5%.

Oil prices were down 11%, to less than $24 per barrel. The price of 0il has dropped 60% so far this year as the world economy has virtually ground to a halt in response to the coronavirus and as major producers Saudi Arabia and Russia have entered a price war.

The pandemic is hitting American pocketbooks, with nearly 1 in 5 households experiencing a layoff or a cut in work hours, according to a new NPR/PBS NewsHour/Marist poll. Restaurants, bars, hotels and airlines have been hit hard, but the ripple effects are spreading across the economy and thousands of people are suddenly out of work. [Copyright 2020 NPR]