The Dow Jones Industrial Average plummeted nearly 3,000 points after a dismal day of trading, as fears grew over the COVID-19 pandemic.

Losses excelled in the last hour, after U.S. President Donald Trump advised Americans to avoid large gatherings. The nearly 13% one-day plunge is the worst Dow drop since 1987. 

Speaking to reporters at the White House, Trump said the U.S. "may be" headed toward a rescission as the economy struggles to respond to the COVID-19 outbreak. The president is pledging federal support for struggling airlines, saying he's "going to back the airlines 100%."

Trump and his coronavirus task force released guidelines to try and blunt the damage. Officials are recommending over the next two weeks Americans should not gather in groups of more than 10, discretionary travel and social visits be avoided and schooling be done at home. 

On Sunday, the U.S. Federal Reserve announced it would be slashing interest rates to near zero and would buy $700 billion in bonds in order to prop the economy during the coronavirus pandemic.

Meanwhile, the first test shots of an experimental coronavirus were administered by U.S. researchers on Monday. It took place at the Kaiser Permanente Washington Research Institute located in Seattle, Washington, one of the state's worst hit by the virus. 

With U.S. movie theaters shutting down, Universal Pictures said, on Monday, it will make current and upcoming films available for on-demand rental, becoming the first major studio to take such a step during the outbreak. The studio said films currently in theaters – like "Invisible Man," "The Hunt," and "Emma" – will be available for rental on-demand beginning as early as Friday.