NEW YORK (AP) — Stocks are down nearly 5% in midday trading on Wall Street as investors wait for Democrats and Republicans to settle their differences and pass a rescue package for the economy.

Earlier, U.S. stock futures and European markets got a bump higher following the Federal Reserve's latest massive announcement of support.

The Fed said it would buy as much government debt as it deems necessary to help markets operate smoothly.

But the gains quickly vanished.

Markets are likely to remain extremely volatile as long as the coronavirus outbreak accelerates.

Until then, investors are looking for both central banks and governments to do their parts to support the economy.

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