Markets slide as coronavirus-linked job losses jump

U.S. markets slid further down at the opening bell on Thursday as the first reports of job losses began hitting the economy.

The Dow Jones Industrial Average was down as much as 700 points, or 3.6 percent, in early trading, while the S&P 500 dropped more than 77 points, or 3.2 percent.

The latest drop came as weekly unemployment insurance claims spiked to 281,000 between March 8 and 14, an increase of 70,000 from the 211,000 reported the previous week.

Late Wednesday, President Trump signed the second of three expected coronavirus-related bills into law. The $104 billion measure provides for emergency paid sick and family leave and makes coronavirus testing free.

An earlier $8.3 billion bill shored up resources for health agencies and first responders.

The Senate and White House are negotiating a third package, potentially in the $1 trillion range, to give cash payments to Americans and provide lifelines for businesses.

Markets have dropped by roughly a third since their February peaks. The Dow, which closed below 20,000 for the first time since 2017 on Wednesday, has wiped out all the gains made since Trump took office.

Several financial institutions have also forecast that the United States is already in a recession.

Updated at 9:58 a.m.