Photo: Johannes Eisele/AFP via Getty Images

The S&P 500 closed 12% lower on Monday, while the Dow fell 13% (or 2,999 points).

Driving the news: The sell-off accelerated during President Trump's afternoon press conference as concerns about the coronavirus outbreak's economic impact continued to grip markets.

Here's how swift and sharp the stock market's decline has been: The S&P 500 hit a record high just over one month ago. The index is now about 29% below that level.

  • The Nasdaq Composite, which dropped 12.3%, had its worst day in its 49-year history on Monday.

The big picture: The worst day for Wall Street in 30 years comes despite the series of aggressive measures announced by the Fed to shield the economy from coronavirus impact.

  • Outside the U.S., market volatility resumed around the globe as the pandemic worsened and governments ramped up efforts to contain the outbreak.
  • Europe's main stock index closed 4.8% lower, after dropping as much as 8%. Stocks in Hong Kong fell more than 4%.

The bottom line: Economists agree the near-halt to economic activity to prevent further spread of the coronavirus will put a big dent in U.S. growth. The question is how bad it will be. President Trump told reporters on Monday the economy "may be" heading into a recession.

  • On Monday morning, a Federal Reserve survey of business conditions in New York saw the biggest month-over-month drop ever and fell to its lowest level since 2009.
  • Manufacturers said they cooled hiring and cut workers' hours amid a sharp decline in new orders.

Go deeper

OPEC's balancing act: increasing output against smaller demand

An off-shore oil platform in California. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

The Organization of the Petroleum Exporting Countries (OPEC+) coalition is entering the next phase of fraught market-management efforts that have repercussions for the battered U.S. oil industry.

Driving the news: The group yesterday agreed to press ahead with plans to begin increasing output as demand haltingly recovers.

More than 32 million Americans are receiving unemployment benefits

Photo: Jay L. Clendenin / Los Angeles Times via Getty Images

More than 32 million Americans are receiving some form of unemployment benefits, according to data released by the Labor Department on Thursday.

Why it matters: Tens of millions of jobless Americans will soon have a smaller cash cushion — as coronavirus cases surge and certain parts of the country re-enter pandemic lockdowns — barring an extension of the more generous unemployment benefits that are set to expire at the end of the month.

2 hours ago - Sports

Alumni fight to save college sports

Data: Mat Talk Online; Chart: Andrew Witherspoon/Axios

242 collegiate athletic programs have been cut amid the pandemic, altering the careers and lives of thousands of student-athletes.

Yes, but: Some passionate alumni groups have opted to fight, banding together in hopes of saving the programs they helped build and continue to love.