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Stocks closed down more than 5% on Wednesday after a volatile day that saw trading halt for the fourth time this month amid novel coronavirus concerns.

Why it matters: Stocks swung lower as the White House unveiled its stimulus plan, before recovering some ground. The S&P 500 is 29% below its February record-high. 

Market volatility persists as S&P 500 sinks 5% amid coronavirus fears

Wednesday's losses erase all of Tuesday's gains.

Traders work on the floor of the New York Stock Exchange (NYSE) on March 17, 2020 in New York City

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Stocks closed down more than 5% on Wednesday after a volatile day that saw trading halt for the fourth time this month amid novel coronavirus concerns.Why it matters: Stocks swung lower as the White House <a class="gtmContentClick" data-vars-link-text="unveiled its stimulus plan" data-vars-click-url="https://www.axios.com/white-house-trump-trillion-stimulus-coronavirys-21c160fa-d72e-453a-bd1b-53f697d76e10.html" data-vars-content-id="27b0df1f-7838-41bc-9a33-7cf7726ab43e" data-vars-headline="Market volatility persists as S&amp;P 500 sinks 5% amid coronavirus fears" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/white-house-trump-trillion-stimulus-coronavirys-21c160fa-d72e-453a-bd1b-53f697d76e10.html" target="_self">unveiled its stimulus plan</a>, before recovering some ground. The S&amp;P 500 is 29% below its February record-high.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

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Market volatility persists as S&P 500 sinks 5% amid coronavirus fears

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