U.S. equity markets turned sharply lower on Wednesday after the Food and Drug Administration warned the coronavirus is on a path to becoming a pandemic.


The Dow Jones Industrial Average gave up a gain of more than 460 points or 1.7 percent. The morning rally gave traders some hope that the two-day coronavirus-fueled selloff that wiped out $1.7 trillion of shareholder wealth was at an end. The selloff, which has erased 6.3 percent of the S&P 500's value, was the index's sharpest two-day slide since August 2015.

The coronavirus outbreak has sickened 80,239 people worldwide and killed 2,700, according to the latest World Health Organization data.

Travel-related stocks were under pressure, with American Airlines, Booking Holdings, Norwegian Cruise Line Holdings and Hilton Hotels notching declines. Read more at FOX Business