U.S. stocks fell Wednesday amid reports on job losses and the potential for as many as 200,000 deaths due to the COVID-19 pandemic.The Dow Jones Industrial Average closed down 973.65 points, or 4.44 percent, while the S&P 500 and Nasdaq Composite both closed down 4.41 percent.
Boeing stock fell 12.35 percent, American Express stock slid 9.03 percent and Dow Inc. dropped 7.52 percent, leading the Dow’s decline. Real estate investment, utilities, energy and financials each fell 5 percent. ADP and Moody’s analytics reported Wednesday that 27,000 U.S. jobs had been lost by March 12, before the main impact of the coronavirus. The Labor Department will release its March jobs report Friday.
The decline also came after White House experts on Tuesday shared projections that 100,000 to 200,000 Americans may die due to the coronavirus. President Donald Trump warned Americans to prepare for a “very tough two weeks” as deaths are expected to hit a peak.
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