The Dow Jones Industrials continued their downward progress, falling 921.32 points, or 3.6%, to begin Friday at 24,845.32. The 30-stock average closed in correction territory along with the S&P 500 and NASDAQ Composite.
The Dow had closed at a record high on Feb. 12. It only took the S&P 500 six days to fall from an all-time high into correction levels, marking the broad index’s fastest drop of that magnitude outside of a one-day crash.
The broader S&P 500 was hammered 106.92 points, or 3.6%, to 2,873.27. Thursday’s declines also put the Dow and S&P 500 down more than 10.5% each for the week, on pace for their worst weekly performance since 2008.
The tech-heavy NASDAQ shed 273.20 points, or 3.1%, to 8,297.05.
Norwegian Cruise Line and American Airlines are among the worst-performing S&P 500 stocks this week, dropping more than 20% in that time. Las Vegas Sands has lost more than 10% week to date.
Concerns over the coronavirus have also led several companies to issue earnings and revenue warnings. Microsoft said Wednesday one of its key divisions may not meet the company’s previous revenue guidance. PayPal also warned about its outlook on Thursday.
Caterpillar — a bellwether stock for global growth — slid more than 1%. Apple shares dropped 4.1% while JPMorgan Chase and United Technologies dropped more than 2.9% each.
New Zealand and Nigeria reported overnight their first coronavirus cases. South Korea, meanwhile, confirmed more than 500 new cases. China reported 327 additional cases.
The outbreak has also raised questions over potential intervention from central banks around the world. Kevin Warsh, a former Federal Reserve governor, told the media he expects global monetary policy makers to take action soon in response to the virus spreading. However,
St. Louis Fed President James Bullard said rate cuts are only a possibility if the coronavirus turns into a pandemic.
Prices for the 10-Year U.S. Treasury gained sharply, weighing yields to 1.17% from Thursday’s 1.27%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.87 to $45.22 U.S. a barrel. Gold prices lost 23 dollars to $1,619.50 U.S. an ounce.