28 February 2020

Stocks Fall Sharply, Dow Faces Biggest Weekly Losses Since 2008

News

Stock markets around the world extended a punishing selloff Friday, dragged toward their worst week since the financial crisis by mounting investor unease about the economic fallout from the coronavirus epidemic.

The Dow Jones Industrial Average shed more than 1000 points before paring declines and was recently down about 500 points, or about 1.9%. The S&P 500 fell 1.5% and the tech-heavy Nasdaq Composite lost about 0.8% in a volatile session.

Losses have been broad, with all 11 of the S&P 500’s sectors falling into negative territory for the year this week. As investors ditched stocks, they flocked to traditionally safer assets like government bonds, pushing the yield on the 10-year Treasury note to a new record lows.

Source