Wall Street Suffers Worst Week Since 2008 Financial Crisis
Coronavirus fears wipe over $3 trillion from U.S. stocks as the market experiences its fastest correction on record. President Trump publicly pressures the Federal Reserve to cut interest rates soon.
Coronavirus fears trigger a historic sell-off on Wall Street, wiping $3.18 trillion from U.S. stocks in just one week. The S&P 500 experiences its fastest correction on record, plunging more than 10% from its peak in only six trading sessions. This devastating week stands as the worst for the market since the 2008 financial crisis.
The scale of the decline breaks numerous records across the major indices. The Dow Jones Industrial Average suffers its worst weekly point loss in history, dropping 3,583 points, while declining stocks overwhelmingly outpace advancers by a three-to-one margin on the New York Stock Exchange. Trading volume surges dramatically, with the benchmark S&P 500 ETF trading at more than four times its 30-day average.
Meanwhile, President Donald Trump publicly urges the Federal Reserve to intervene in the economic fallout. Trump expresses hope that the central bank gets involved "soon" to battle the coronavirus impact on the economy and the stock market. Investors currently price in a 50 basis point rate reduction at the Fed's upcoming March meeting as they look for relief.