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.