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.
The sharp market swings came despite promises from Trump to prop up the U.S. economy with a package that could reach $1 trillion.
The automatic circuit-breaker was triggered around 1 p.m. Eastern time as President Trump and other officials were updating reporters on measures to combat the coronavirus.
Markets have been highly volatile in recent weeks as the outbreak seems increasingly likely to cause a global recession.
The price of crude oil dropped another 18% as traders anticipate a sharp pullback in demand for energy.
Even prices for longer-term U.S. Treasurys fell as investors sold what they could to raise cash.
The sharp market swings came despite promises from President Trump to prop up the U.S. economy with a package that could reach $1 trillion.
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