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.

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With airports and hotels emptying and airlines asking staff to take unpaid leave to stem losses, the S&P 1500 airlines index sank 27.6 percent, while shares in Hilton, Marriott and Hyatt hotels fell by 25.5 percent to 36.5 percent.

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 was down 1,713.37 points, or 8.07 percent, at 19,524.01, the S&P 500 was down 180.39 points, or 7.13 percent, at 2,348.80 and the Nasdaq Composite was down 474.67 points, or 6.47 percent, at 6,860.11.

If the S&P 500 falls 13 percent, it will trigger a level-2 circuit breaker and halt trading again for 15 minutes.

First Published:Mar 18, 2020 10:38 PM IST