Stocks tumbled once again on Friday, capping off their worst week since the financial crisis, as worries over the coronavirus and its impact on the economy continue to rattle investor sentiment.
The Dow Jones Industrials came off serious lows, but still fell behind on the day 357.28 points, or 1.4%, to answer Friday’s closing bell at 25,409.36.
The 30-stock index 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 24.54 points to 2,954.22.
The tech-heavy NASDAQ surmounted sizable losses, and actually climbed into the green by the closing bell, picking up 0.89 points to 8,567.37.
For the week, the Dow fell more than 12% — its biggest weekly percentage loss since 2008. On a point basis, the Dow fell more than 3,500 points. It also ended the week in correction territory, down 14.1% from a record high set Feb. 12.
The S&P 500 lost 11.5% week to date in its worst weekly performance since the crisis. The NASDAQ lost 10.5% this week and was nearly 13% below a record high.
Travel stocks Norwegian Cruise Line and American Airlines were among the worst-performing S&P 500 stocks this week, dropping more than 20% in that time. Las Vegas Sands lost more than 10% in that time. Regeneron Pharmaceuticals and Qorvo were the only S&P 500 components to end the week higher.
Boeing and JPMorgan Chase were the biggest decliners in the Dow on Friday, dropping more than 4% each. Apple slid 0.1% but briefly entered bear market territory.
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.
New Zealand and Nigeria reported overnight their first coronavirus cases. South Korea, meanwhile, confirmed more than 500 new cases. China reported 327 additional cases.
A pledge by the Federal Reserve late Friday eased the market’s pain slightly into the close. Fed Chairman Jerome Powell said in a statement the central bank will “act as appropriate” to support the economy amid the coronavirus outbreak.
Prices for the 10-Year U.S. Treasury gained sharply, weighing yields to 1.19% from Thursday’s 1.27%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.78 to $45.31 U.S. a barrel.
Gold prices lost $60.00 to $1,582.50 U.S. an ounce.