Stocks record worst week since financial crisis as coronavirus concerns heat up

Facebook CEO Zuckerberg says breaking up big tech 'wouldn't make any of these problems better'

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

SPX, -0.82%

was down 0.8% to end around 2,955. The Dow Jones Industrial Average

DJIA, -1.39%

retreated 358 points, or 1.4%, to finish near 25,409, based on preliminary numbers. The Nasdaq Composite

COMP, +0.01%

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

TMUBMUSD10Y, -8.54%

set a record closing low of 1.127% on Friday.

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