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Dow gyrates after worst day since 1987

U.S. stocks gave up early gains Tuesday even after the Trump administration said it planned financial support for an airline industry devastated by a drop in travel caused by the coronavirus pandemic. 

The declines follow the market’s worst sell-off in more than three decades on Monday.

The Dow Jones industrial average slumped 230 points, after climbing more than 400 points following the opening bell. The Standard & Poor’s 500 dipped 0.4% after initially rising more than 2%. Both averages had their worst day since the “Black Monday” stock market crash of 1987 the prior day. 

Monday’s 12% drop for the S&P 500 came as voices from Wall Street and the White House warned the coronavirus may drag the economy into a recession.

Stock futures stabilized Monday evening following news that the Trump administration plans financial support for airlines stricken by the outbreak and is pushing the Senate to enact a massive stimulus package to alleviate losses for businesses and individuals affected by the outbreak, which has infected more than 182,000 people worldwide, 4,661 in the United States.

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