Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson
(Reuters) - The S&P 500 index fell on Wednesday when trading resumed after an initial automatic 15-minute cutout, as investors priced in a complete breakdown in business activity and consumer spending from the coronavirus pandemic.
With airports and hotels emptying and airlines asking staff to take unpaid leave to stem losses, the S&P 1500 airlines index .SPCOMAIR sank 27.6%, while shares in Hilton (HLT.N), Marriott (MAR.O) and Hyatt (H.N) hotels fell by 25.5% to 36.5%.
President Trump’s request for Congress to approve $500 billion in cash payments to taxpayers along with $50 billion in loans for airlines did little to stem the bleeding.
At 1:11 p.m. ET the Dow Jones Industrial Average .DJI was down 1,713.37 points, or 8.07%, at 19,524.01, the S&P 500 .SPX was down 180.39 points, or 7.13%, at 2,348.80 and the Nasdaq Composite .IXIC was down 474.67 points, or 6.47%, at 6,860.11.
If the S&P 500 falls 13%, it will trigger a level-2 circuit breaker and halt trading again for 15 minutes.
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur
https://news.google.com/__i/rss/rd/articles/CBMiO2h0dHBzOi8vd3d3LnJldXRlcnMuY29tL2FydGljbGUvdXMtdXNhLXN0b2Nrcy1pZFVTS0JOMjE1MUdN0gE0aHR0cHM6Ly9tb2JpbGUucmV1dGVycy5jb20vYXJ0aWNsZS9hbXAvaWRVU0tCTjIxNTFHTQ?oc=5
2020-03-18 17:10:24Z
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