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Here’s what happened to the stock market on Wednesday

Traders work on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.

Bryan R Smith | Reuters

Dow Jones Industrial Average drops 1,338 points

The Dow dropped 1,338.46 points, or 6.30%, to close at 19,898.92. The S&P 500 slid 5.18% to 2,398.10. The Nasdaq Composite fell 4.7% to 6,989.84

Ackman: ‘Shut it down’

Billionaire investor Bill Ackman, echoing investor worries, urged President Donald Trump to shut down the country in an effort to curb the spread. “We need to shut it down now. … This is the only answer,” Ackman, founder of Pershing Square Capital Management, told CNBC’s “Halftime Report” on Wednesday. “America will end as we know it. I’m sorry to say so, unless we take this option.” Bottom line, investors want to see drastic measures to contain the outbreak before jumping into the market again.

United Tech and Boeing drag Dow, energy stocks tumble

What happens next?

Weekly jobless claims will be on investors’ radars on Thursday. They are set for release at 8:30 a.m.

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