NEW YORK (AP) — The vicious swings keep coming for the stock market, and the S&P 500 sank 4% in morning trading Wednesday to erase much of the prior day's big gain.

Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge an increasing risk of a recession due to the coronavirus outbreak. The typical day this month has seen the stock market swing up or down by 4.9%. Over the last decade, the median move was just 0.4%.

The selling pressure swept markets around the world. Benchmark U.S. oil fell roughly 10% and dropped below $25 per barrel for the first time...