Dow declines more than 600 points, bringing two-day drop past 1,000 points

The Dow Jones Industrial Average on Tuesday fell 631.56 points, while the S&P 500 and Nasdaq dropped 2.7 percent and 3.5 percent respectively as oil prices have had an impact.

The Dow's second straight day of declines catapulted this week's cumulative drop past 1,000 points, as the index lost nearly 600 points on Monday. The S&P and Nasdaq on Monday lost 1.8 percent and 1 percent respectively.

The May contract for West Texas Intermediate oil, which expired on Tuesday, plunged below zero on Monday but returned to positive territory on Tuesday. The June contract declined on Tuesday.

Oil consumption has dropped dramatically during the health scare, creating a glut in the market. 

President Trump on Tuesday said that he ordered Treasury Secretary Mnuchin to develop a plan to assist American oil and gas companies.

Late Monday night the president announced that he would temporarily suspend immigration to the U.S. both because of the coronavirus pandemic and in order to protect American jobs.

Unemployment numbers have risen significantly during the coronavirus crisis with about 22 million people filing initial unemployment claims during a four-week period.

While much of the nation's economy has slowed significantly due to government restrictions, some states are announcing plans to begin reopening soon.

The Senate on Tuesday is expected to pass a coronavirus relief legislation, which will provide funding for businesses, hospitals and coronavirus testing.