Coronavirus: Wall Street ends worst week since 2008, Dow closes down 350+ points

[PHOTO: Chief nurse Ma Jing holds a patient’s hand to comfort her in the ICU (intensive care unit) of Zhongnan Hospital of Wuhan University in Wuhan, central China’s Hubei Province, Jan. 24, 2020. By Thursday midnight, Hubei Province in central China reported 549 cumulative confirmed cases of the new coronavirus pneumonia, with 495 in Wuhan, the provincial capital. Xinhua/Xiong Qi/PRC]

Recession fears are spreading, along with COVID-19. The coronavirus outbreak and unknowns about preparedness caused massive financial losses this week.

The Dow closed down 350+ points.

The S&P 500 dropped for the seventh day in a row, and posted its biggest drop in a single week since the 2008 financial crisis.

More from Reuters:

The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day’s session.

The Dow Jones Industrial Average .DJI fell 356.88 points, or 1.39%, to 25,409.76, the S&P 500 .SPX lost 24.7 points, or 0.83%, to 2,954.06 and the Nasdaq Composite .IXIC added 0.89 points, or 0.01%, to 8,567.37.

Read more:S&P 500 drops for seventh day, posts biggest weekly fall since 2008 crisis