The Dow Jones Industrial Average plummeted into correction territory on Wednesday, closing down 1.7% or 793 points. This decline pushed the blue-chip index below its 20-week moving average, marking its worst weekly performance since the Ukraine war's market impact in 2022. The tech-heavy Nasdaq Composite also fell into correction territory, dropping 2.1% after its own 5% decline the previous day.

The S&P 500 retreated 1.7%, extending its streak of weekly losses to five, the longest such stretch since the 2022 market upheaval. Oil prices rebounded during the session. The market turmoil coincided with a congressional standoff, as House Republicans rejected a Senate-passed bill funding most of the Department of Homeland Security (DHS), including the Transportation Security Administration (TSA).

This lapse in funding, dating back to February 14th, has resulted in missed paychecks for TSA workers and longer security lines for travelers. President Biden issued an executive order directing DHS and the White House budget director to use funds with a 'reasonable and logical nexus' to TSA operations, aiming to restore pay as early as Monday.