NEW YORK -- The stock market's losses are accelerating past 10% in late trading Monday as the U.S. government advises people to avoid large gatherings.
President Donald Trump told reporters he sees a chance of recession and promised help to the struggling airline industry. The losses came as huge swaths of the economy come closer to a standstill due to the coronavirus outbreak as businesses and travel shut down.
Losses were widespread in markets around the world despite emergency actions taken by the Federal Reserve late Sunday to prop up the economy and get financial markets running smoothly again.
Bond prices soared as investors sought safety.