It was another rollercoaster ride for U.S. equity markets on Thursday as California and Washington declared state of emergencies tied to the coronavirus.

Amid heavy volatility, the Dow Jones Industrial Average slid over 970 points, or 3.5 percent, one day after rallying 4.5 percent, or 1,173 points -- the second-biggest point gain in its history. The S&P 500 and Nasdaq Composite tumbled over 3 percent.

Thursday’s weakness comes after the number of U.S. cases of COVID-19 climbed to 129 and the death toll ticked up to 11, including the first fatality outside of Washington state. Authorities in both Washington and California declared a state of emergency because of the outbreak, which has infected at least 93,090 people worldwide and killed 3,198.

Looking at stocks, airlines were lower after Southwest said it expects first-quarter revenue to take a hit of up to $300 million due to demand destruction caused by the COVID-19 outbreak. On Wednesday, United Airlines said it would cut international flights by 20 percent and domestic flights by 10 percent and Jet Blue announced it would reduce flights and lay off staff.

An elderly passenger who traveled on the Grand Princess cruise ship, owned by Carnival Corp., from Feb. 11-21 has died from COVID-19, and the cruise operator has said current passengers on its vessels have been quarantined until receiving clearance from medical staff.