DOW DIVES AS INVESTORS ARE SCARED OF DIRE ECONOMIC PROSPECTS

US stocks tumbled at the opening bell in New York, with the Dow falling 900 points, or 3.4%. The S&P 500 plummeted 2.7%, and the Nasdaq Composite fell 2.2%. The Nasdaq had soared to all-time highs on each of the past three sessions and climbed above 10,000 points for the first time ever. US crude oil prices dropped more than 7%, to $36.74 per barrel.

The rising number of coronavirus cases in the United States has unnerved Wall Street. A second wave of infections could force many businesses to close again just after they reopened, Charles Riley wrote for CNN Business on June 11, 2020.

Federal Reserve Chairman Jerome Powell said Wednesday that the economic future is highly uncertain. Although he acknowledged that May's jobs report was a welcome surprise, he noted that many millions of Americans will never go back to their jobs and could remain unemployed for years.

Global stocks also dropped sharply. Japan's Nikkei 225 finished down 2.8% and Hong Kong's Hang Seng Index closed down 2.3%. China's benchmark Shanghai Composite gave up 0.8%. In Europe, Germany's DAX retreated 3.2% in the early afternoon, while France's CAC 40 shed 3.3%. The FTSE 100 (UKX) declined 2.9% in London.