Wall Street plunges, DJIA erases more than 1,000 points

• S&P 500 Energy Index erases more than 6% on Wednesday.
• House Republicans are expected to vote on COVID-19 bill. 

Wall Street’s main indexes started the day deep in the negative territory on Wednesday as investors struggle to find a reason to buy stocks in the current market environment. As of writing, the Dow Jones Industrial Average was down 1,020 points, or 4.8%, on the day while the S&P 500 and the Nasdaq Composite were erasing 4.1% and 3.5%, respectively.

Eyes on US economic relief package

Heightened concerns over the coronavirus outbreak causing a long-lasting global recession and fears over USD funding stress continue to force investors to seek refuge.

Meanwhile, markets are waiting for the Federal Reserve to announce new measures to address the liquidity issue. Furthermore, latest headlines suggest that the US Senate Republicans will be voting on the House COVID-19 bill later in the day.

In the early trade, all 11 major S&P 500 sectors are suffering heavy losses with the Energy Index and the Industrial Index both erasing more than 6% as the worst performers.