Stocks fall again on Wall Street as wild swings continue

NEW YORK (AP) — Stocks are sinking again Wednesday, wiping out more than half of a huge rally from a day earlier as Wall Street continues to be hit by wild swings.

Another big central bank made an emergency cut to interest rates in hopes of blunting the economic pain caused by the coronavirus, which economists call the global economy’s biggest threat. But investors are still waiting for details promised 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% drop for the S&P 500. Perhaps the best gauge of confidence in the economy on Wall Street recently, Treasury yields, pulled back. Asian markets also fell, while European markets were steadier following the cut by the Bank of England.

The Dow Jones Industrial Average fell 808 points, or 3.2%, to 24,222, and the Nasdaq was down 2.5%.

The speed of the market’s declines and the degree of its swings the last few weeks have been breathtaking. It was only three weeks ago that the S&P 500 set a record high, and the Dow Jones Industrial Average has had six days where it swung by 1,000 points since then. It’s done that only three other times in history.

For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.

The vast majority of people recover from the new virus, but the fear is that COVID-19 could drag the global economy into a recession by hitting it from two ends.

On the supply side, the worst-case scenario has companies with less things to sell as factories shut down and arenas dim the lights because workers are out on...