S&P 500 sinks 3.5% as surging virus cases lead to shutdowns

The Dow Jones Industrial Average dropped 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S.

The S&P 500 dropped 3.5%, its third straight loss. The benchmark index has now given up 5.6% so far this week and is on track for its biggest weekly fall since March, when markets were in a downward spiral. Crude oil prices fell sharply as investors anticipated that demand for energy will weaken along with the economy.

Treasury yields fell as investors sought shelter in safer assets.