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The Dow Jones Industrial Average plummeted more 1,334 points, or 6.3 percent, Wednesday after President Trump announced new emergency steps to deal with 

, including suspending foreclosures and evictions until the end of April.

The Dow had been down more than 2,000 points earlier in the day, but later recovered some of its losses.

Trading on the New York Stock Exchange was temporarily halted for the fourth time in two weeks after the S&P 500 index plunged 7 percent. The S&P 500 fell 5 percent for the day.

At 19,898, the Dow hasn't been this low since late 2016, meaning the blue chip index has lost three years of gains.

After the market closed for the day, the New York Stock Exchange announced it will temporarily shift to all-electronic trading starting Monday. "The decision to temporarily close the trading floors represents a precautionary step to protect the health and well-being of employees and the floor community in response to COVID-19," 

"Our markets are fully capable of operating in an all-electronic fashion to serve all participants, and we will proceed in that manner until we can re-open our trading floors to our members," said NYSE President Stacey Cunningham. She added that all NYSE markets "will continue to operate under normal trading hours despite the closure of the trading floors." 

Total confirmed infections from the virus topped 200,000 

and more than 8,000 people have died, as of midday Wednesday.

The virus continues to hammer large sectors of the economy, from small businesses to airlines. On Wednesday, Ford and General Motors suspended production at their U.S. facilities to help slow the spread of the virus. The shutdown is scheduled to continue at least through the end of March.

 that disruptions from the outbreak could continue until midsummer. Trump said Wednesday on Twitter that the U.S. 

 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 on Tuesday, the Dow 

, or 5.2 percent, after the Trump administration unveiled plans for a 

 and the Federal Reserve unveiled a special loan program to help offset the economic damage.

The Dow has fallen by one-third from its record high set on Feb. 12. European markets were also down sharply.

Oil prices tumbled 17 percent, to about $22 per barrel. The price of oil has dropped more than 60 percent 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 

. Restaurants, bars, hotels and airlines have been hit hard, but the ripple effects are spreading across the economy and thousands of people are 

Business and Economic News

Health

COVID-19

Avie Schneider

Author

The Dow plummeted more than 1,300 points after President Trump announced new emergency steps. Trading was temporarily suspended after the S&P 500 fell 7 percent, triggering circuit breakers.

Dow dives 6 percent: NYSE to close its trading floor, shift to all-electronic trading

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