Losses accelerate on Wall Street

The wild swing continues as stocks dropped sharply Wednesday morning, nearly wiping out all the gains of Tuesday.

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March 11, 2020 - 11:24 AM

Traders on the floor react before the opening bell on the New York Stock Exchange in New York. Trading on Wall Street. Photo by Timothy A. Clary/AFP via Getty Images/TNS

NEW YORK (AP) — Stocks are sinking sharply again Wednesday, nearly wiping out a huge rally from a day earlier as Wall Street continues to reel from worries about the coronavirus. 

Another big central bank made an emergency cut to interest rates in hopes of blunting the economic pain caused by COVID-19, which economists call the global economy’s biggest threat. But investors are still waiting for details promised earlier by President Donald Trump on potential aid for the economy through tax breaks and other relief. 

Stocks fell from the opening of trading in New York, including a 3.7% loss for the S&P 500. The losses deepened as the day progressed, and the Dow Jones Industrial Average was down more than 1,000 points. 

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