Stocks took another steep dive Friday, deepening a multi-day rout fueled by fears about the coronavirus’ impact on the global economy.
The Dow Jones Industrial Average fell 357 points on Friday, capping a week in which the blue chip index fell 3,583 points or 12.4%. The Dow is down 16.3% from its recent peak on Feb. 12.
The S&P 500 stock index lost 11.5% for the week and is now down 14.6% from the all-time high it reached only last week.
The Nasdaq inched into positive territory in the closing minutes of trading Friday, but is still down 10.5% for the week and 14.6% below its record high last Wednesday.
The drop in stocks this week has come with stunning speed, as investors grapple with evidence that the deadly coronavirus epidemic is spreading beyond China to other countries, including Italy, South Korea and Iran.
“It’s unprecedented, really. And certainly in my career, and even if you go back 70 years, we’ve never had a correction–that is a 10% pullback from a high–develop so quickly,” said Paul Christopher, head of global market strategy at Wells Fargo Investment Institute.
Federal Reserve Chairman Jerome Powell sought to calm jittery investors, with reassurance that the central bank is prepared to cut rates if necessary.