U.S. equities maintained steep declines heading into the final hour of trading as new COVID-19 cases in the U.S. rebounded to highs not seen since the peak of the outbreak, raising fresh doubts about the strength and longevity of an economic recovery.

The Dow Jones Industrial Average dropped nearly 700 points or 2.5 percent. The broader S&P 500 tumbled  2.64 percent, with a decline in all 11 sectors and energy faring the worst, while the tech-heavy Nasdaq Composite fell 2.3 percent.

Oil tumbled nearly 6 percent to close at $38.01 per barrel.

The country reported 34,700 new cases of the virus on Tuesday as cases surged in states that reopened early from lockdowns intended to curb the disease's spread. Higher numbers have been reported on only two other days: April 9 and April 24, when a record 36,400 cases were logged.

Wednesday afternoon Apple disclosed it was temporarily closing stores in Houston, Texas due to the resurgence of the virus. Read more a FOX Business