Dow Jones Industrial Average slides 357 points on coronavirus fears to cap worst week since 2008
U.S. stocks gyrated Friday as fears escalated over the fast-spreading coronavirus, with Wall Street capping its worst week since the depths of the worldwide financial crisis.
Stocks have erased $3.6 trillion in market price since eclipsing records last week, driven by mounting worries the deadly outbreak will further damage an already slowing global economy.
The fallout over the virus has shaved off quite 3,500 points from the Dow Jones Industrial Average in the week alone, its largest ever. For the week, the Dow and S&P 500 shed 12% and 11.5%, respectively, their worst performance therein span since October 2008, consistent with FactSet.
"This week reminded many investors of 2008, which isn't a cheerful memory," Ryan Detrick, senior strategist at LPL Financial, says during a note. "None the less, remember that the general economic backdrop remains healthy within the U.S., but when fear grips, that does not matter."
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The Dow plummeted nearly 1,200 points on Thursday – its biggest one-day point drop ever – on rising anxiety over the outbreak. Thursday's losses put the blue-chip average into a correction – a decline of 10% from a recent high – for the primary time since December 2018. The index is off 14% from its Feb. 12 record while the S&P 500 is down nearly 13% from its Feb. 19 all-time high.
To be sure, investors are still ahead if they scooped up shares when the stock exchange bottomed in its last correction on Christmas Eve 2018.
If an investor had put $10,000 in an S&P 500 mutual fund on Dec. 24, 2018, it might are worth $14,402 with dividends when the stock exchange hit a record on Feb. 19 and price $11,882 through Thursday's close.
On Friday, the Dow slumped 357.28 points to shut at 25,409.36, recouping some losses after briefly dropping quite 1,000 points. the quality & Poor’s 500 slid 0.8% to finish at 2,954.22. The Nasdaq Composite closed virtually unchanged to end at 8,567.37.
Stocks whipsawed in wild trading Friday, with the Dow swinging quite 800 points from its session high to its low.
The VIX, referred to as Wall Street's “fear gauge,” surged quite 130% for the week, its biggest skip that span within the past 20 years , consistent with FactSet.
Financial and health care stocks were among the most important losers in Friday’s broad market slide. Energy, the worst performing sector this year, persisted to a gain
U.S. stocks gyrated Friday as fears escalated over the fast-spreading coronavirus, with Wall Street capping its worst week since the depths of the worldwide financial crisis.
Stocks have erased $3.6 trillion in market price since eclipsing records last week, driven by mounting worries the deadly outbreak will further damage an already slowing global economy.
The fallout over the virus has shaved off quite 3,500 points from the Dow Jones Industrial Average in the week alone, its largest ever. For the week, the Dow and S&P 500 shed 12% and 11.5%, respectively, their worst performance therein span since October 2008, consistent with FactSet.
"This week reminded many investors of 2008, which isn't a cheerful memory," Ryan Detrick, senior strategist at LPL Financial, says during a note. "None the less, remember that the general economic backdrop remains healthy within the U.S., but when fear grips, that does not matter."
Coronavirus: Here's the way to keep a cool head and protect your 401(k)
Investing:Fears shouldn't stop you from investing in stocks and adding to your 401(k)
The Dow plummeted nearly 1,200 points on Thursday – its biggest one-day point drop ever – on rising anxiety over the outbreak. Thursday's losses put the blue-chip average into a correction – a decline of 10% from a recent high – for the primary time since December 2018. The index is off 14% from its Feb. 12 record while the S&P 500 is down nearly 13% from its Feb. 19 all-time high.
To be sure, investors are still ahead if they scooped up shares when the stock exchange bottomed in its last correction on Christmas Eve 2018.
If an investor had put $10,000 in an S&P 500 mutual fund on Dec. 24, 2018, it might are worth $14,402 with dividends when the stock exchange hit a record on Feb. 19 and price $11,882 through Thursday's close.
On Friday, the Dow slumped 357.28 points to shut at 25,409.36, recouping some losses after briefly dropping quite 1,000 points. the quality & Poor’s 500 slid 0.8% to finish at 2,954.22. The Nasdaq Composite closed virtually unchanged to end at 8,567.37.
Stocks whipsawed in wild trading Friday, with the Dow swinging quite 800 points from its session high to its low.
The VIX, referred to as Wall Street's “fear gauge,” surged quite 130% for the week, its biggest skip that span within the past 20 years , consistent with FactSet.
Financial and health care stocks were among the most important losers in Friday’s broad market slide. Energy, the worst performing sector this year, persisted to a gain
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