Meanwhile, 26 states are reporting rising numbers of new COVID-19 cases as the outbreak in the U.S. rages on. The increase in confirmed cases comes as many states begin to reopen following pandemic-related closures of businesses and social gatherings.
The sharp drop in financial markets on Wednesday also comes on the heels of a gloomy International Monetary Fund economic outlook released earlier in the day.
The IMF predicted global growth in 2020 to fall by by 4.9%, more than their initial forecast. It predicted growth in the U.S. to plummet by 8%.
“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the economists wrote in their report.
This is a developing story. Please check back for updates.