Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
The Dow Jones Industrial Average traded 256 points lower, or 0.9%, to break below 29,000 for the first time since Feb. 10. The S&P 500 slid 1% while the Nasdaq Composite declined by 1.4%.
Friday’s losses put the major averages on pace for their first weekly losses in three weeks. The Nasdaq is down roughly 1.3% week to date. The Dow and S&P 500 are both down at least 1.3% for the week.
Microsoft and Nike fell more than 2% each to lead the Dow lower. The S&P 500 was pressured by a 1.9% drop in the tech sector. Facebook, Amazon, Netflix, Google-parent Alphabet and Apple all traded at least 0.7% lower to drag down the Nasdaq lower.