Wall Street losses snowballed Thursday, with the Dow Jones industrial average plummeting 10%, even after the Federal Reserve took the highly unusual step of injecting more money into the bond market to stabilize the financial systems amid growing panic about the coronavirus and its stranglehold on the economy.

The coronavirus outbreak fanned new fears of a worldwide recession on Monday, as well as an all-out oil price war, sending stock markets spiraling down to new record lows not seen since the 2008 financial crisis.