NEW: U.S. financial markets open lower, with the Dow falling more than 400 points in opening trading, as the coronavirus crisis continues to upend Wall Street.
At one point Wednesday, trading on Wall Street was briefly halted after the S&P 500 fell below the 7% threshold. The S&P 500 closed 5.17% down.
Traders work during the closing bell at the New York Stock Exchange on March 18, 2020 at Wall Street in New York City. Traders work during the closing bell at the New York Stock Exchange on March 18, 2020 at Wall Street in New York City.Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, described the recent volatility as"a market that has nothing to hold onto to steady it."
"The economic data won’t show anything positive for quite a while and markets can’t really give any credible outlook on earnings right now," he told ABC News Wednesday. While the markets may bounce around based on the headlines,"it's unlikely to bottom until we see that peak in new virus cases, so we just don’t know when that will be," he added.
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