Dow falls more than 500 points marking third consecutive day of losses

The Dow Jones Industrial Average on Wednesday plummeted 516.81 points marking its third consecutive day of losses, which came after a more than 450 point drop on Tuesday. The S&P 500 and Nasdaq on Wednesday declined 1.8 percent and 1.6 percent respectively.

Among Wednesday's losers were airline and cruise stocks as well as stocks including Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, American Express and Walgreens Boot Alliance.

Even as areas of the country move toward reopening, the coronavirus pandemic has already inflicted severe economic damage throughout the nation's economy.

More than 33 million people have filed for unemployment during a seven-week period. More than 20 million jobs were lost in April and the unemployment rate surged to 14.7 percent.

"The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II," Federal Reserve Chairman Jerome Powell said on Wednesday.

"Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery," he said.