Stocks post worst week since 2008

S&P 500 joins Dow in bear market

Dow Jones Industrial Average drops 913 points

The Dow dropped 913.21 points, or 4.55%, to 19,173.98. The S&P 500 slid 4.34% to  2,304.92. The Nasdaq Composite fell 3.79% to 6,879.52. Friday was another volatile session that ended one of Wall Street’s worst weeks since the financial crisis.

More volatility

The major averages swung wildly on Friday as California and New York adopted stricter measures to curb the coronavirus spread, raising even more concerns about the virus’ economic blow. A swift reversal in oil prices also pressured stocks, as it led investors to sell assets in other markets. The Fed announced new monetary stimulus on Friday, but that wasn’t enough to quell market volatility or assuage investors’ fears. Bottom line, the market remains fearful of the coronavirus and its ramifications on the economy.

3M leads Dow lower, Microsoft slips

Shares of 3M fell more than 9.18%, dragging the 30-stock Dow lower. Microsoft, meanwhile, slid 3.76% after trading higher earlier in the day.

What happens next?

Investors will look out for any updates on potential U.S. fiscal stimulus as well as any developments on the coronavirus spread.

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