Markets in freefall as mass shutdowns begin

The stock market opens after its worst day in three decades after more mass shutdowns by hotels, restaurants and bars adjust to a new reality.
2:43 | 03/17/20

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Transcript for Markets in freefall as mass shutdowns begin
economic impact. Wall Street in meltdown yesterday, the worst day since 1987, fueled by recession fears and the government response. Rebecca Jarvis is tracking it all. Good morning, Rebecca. Reporter: Good morning, George. Stocks continue to be very volatile overnight in the overseas trade, and here with things looking like they might bounce a bit today, a rebound from that near 3,000-point Dow drop yesterday. At this point in time stocks are now down more than 30% from their record set last month. This morning, as the stock market opens after its worst day in three decades, the airline industry which supports more than 10 million U.S. Jobs now seeking more than $50 billion bailout, fearing they could go bankrupt by the end of the year. If we don't step in right away and make sure that the paychecks can continue for the people on the front lines, the airlines will not be able to bounce back. It's the backbone of the economy. Reporter: As recession bloom, workers worried about life without a steady Michelle Dahl, a single mother of two who works three jobs, relying heavily on tips. It's frightening. We're going to have to take a hard look at our finances and just be as frugal as possible, not like anybody is really shopping for anything for anything besides food and toilet paper but it's going to take some work. Reporter: Meantime, an opportunity for some. Amazon announcing they're planning on hiring 100,000 warehouse and delivery workers to keep up with demand. That's one silver lining but so many people concerned about food and the food supply and what happens if workers in that food supply chain can't go to work. Reporter: Certainly, George, and we've reached out to a number of grossers and retailers, target, Kroger, publix who tell us that they are working to replenish store shelves. That's why you might see limits on the number of items you can purchase when it comes to canned goods or cleaning supplies like purell, but they do tell us that the supply is in the factories. It's a matter of getting people in trucks, the truck drivers to deliver those supplies from the warehouses to the stores, and they are trying to get that and make that happen faster than they ever have before, George. I just want to point something out here on Wall Street. This additional American flag, there's always American flags on they've added a large additional one. They are defiant. 9/11 happened in their back yard and they believe that we will get through this as well, George. Rebecca, thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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