Global markets are tanking again just one day after a brief stimulus-fueled recovery.

In New York, the  Dow Jones Industrial Average closed at 19-thousand-898-point-92, dropping one-thousand-338-point-46 points, or six-point-three percent. At one point in trading, it had fallen more than two-thousand-300 points.

The losses have nearly wiped out the gains made since the start of U.S. President Donald Trump's administration. It was the first time since January 25, 2017, that the Dow closed below 20-thousand.

The S&P 500 fell five-point-18 percent and the Nasdaq fell four-point-70 percent. Major European market nosedived, too.

The losses come amid an economic slowdown in the wake of the COVID-19 pandemic. Falling oil prices due to the Saudi-Russian oil war and the weakening bond market are fueling the bear market as well.