The Dow Jones fell 600 points today as investors fled to safe-haven assets after new orders for U.S.-made goods plunged to an 11-year low and the White House issued a dire warning on the U.S. death toll from the coronavirus pandemic.
The blue-chip Dow and the S&P 500 were set to extend losses entering into the second quarter, as efforts to contain the outbreak resulted in deserted shopping streets, massive staff furloughs and a halt in business activity.
Meanwhile, the collapse in oil prices brought about its first major casualty, with shale producer Whiting Petroleum filing for Chapter 11 bankruptcy protection.
Its shares nearly halved in value.
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