Wall Street had its worst week since the financial crisis of 2008 as traders went into full retreat out of fear that the coronavirus will plunge the U.S. and other major economies into deep recessions.
The price of U.S. crude oil also took another nosedive. Investors anticipate a sharp drop in demand for energy as manufacturing, travel and commerce grind nearly to a halt. New York became the latest state to extend a mandate that nearly all workers stay home to limit the spread of the virus.
The S&P 500 index fell 104.47 points, or 4.3%, to 2,304.92.
The Dow Jones Industrial Average fell 913.21 points, or 4.6%, to 19,173.98.