Dow Suffers Worst Week Since 2008 Financial Crash Amid Coronavirus Fears
US stock markets plummet as uncertainty over the spreading coronavirus drives massive sell-offs. The Dow Jones Industrial Average experiences its worst weekly drop since the 2008 financial crisis.
US stock markets continue to plunge as uncertainty over the novel coronavirus drives severe volatility. The Dow Jones Industrial Average drops over 350 points on Friday, capping off its worst week since the 2008 financial crash with a total loss of more than 3,500 points.
The S&P 500 and Nasdaq experience similar turbulent trading, though they manage to recover slightly by the closing bell. In response to the steep mid-morning drops, Federal Reserve Chair Jerome Powell issues a rare statement promising to use central bank tools to support the economy if necessary.
Financial analysts attribute the massive sell-offs primarily to the unpredictable nature of the outbreak and its potential economic impact. Experts note that investors are selling off assets in the absence of concrete information, though many still believe the ultimate damage will be severe but not enough to cause a full recession.