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Dow Jones falls 973 points amid reports of job losses

By Don Jacobson & Daniel Uria
Dow Jones falls 973 points amid reports of job losses
The trading floor of the New York Stock Exchange is seen mostly empty on March 20, when Wall Street went to all electronic trades. Photo by John Angelillo/UPI | License Photo

April 1 (UPI) -- U.S. stocks fell Wednesday, a day after finishing their worst first quarter in history, 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.

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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 as they dragged down the S&P 500.

Wednesday's decline extended the Dow's losses from Tuesday, when it dropped 410 points, ending Wall Street's worst first quarter in history and worst three-month performance since 1987.

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 and 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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Trump had previously extended federal social distancing deadlines through the end of April and more states including Florida have issued statewide orders directing Americans to stay inside and non-essential businesses to close.

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