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Stocks Record Worst Week Since Financial Crisis as Coronavirus Concerns Heat Up


Saturday, 29 February 2020 04:19 WIB

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U.S. stocks capped the week with another session of painful losses on Friday amid worries around the COVID-19 outbreak's potential to upend the global economy.

Stocks trimmed Friday's losses by the closing bell with the Nasdaq turning positive. The S&P 500 was down 0.8% to end around 2,955. The Dow Jones Industrial Average retreated 358 points, or 1.4%, to finish near 25,409, based on preliminary numbers. The Nasdaq Composite was up less than 0.1% at 8,567. But for the week, the S&P 500 was down 11.5%, the Nasdaq fell 10.5%, and the Dow tumbled 12.4%. .

For the month, the S&P fell 8.4%, Dow fell 10%, and the Nasdaq dropped 6.4%. Federal Reserve Chairman Jerome Powell issued a statement saying the U.S. central bank would act as appropriate and monitor the coronavirus impact, an announcement that raised expectations for monetary easing later this year. The 10-year Treasury note yield set a record closing low of 1.127% on Friday.

Source : Marketwatch


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