Dow plunges, ending worst week since 2008

Mar 21, 2020

Dow plunges, ending worst week since 2008

New York (USA), Mar 21: Wall Street retreated on Friday as New York state ordered all non-essential workers to stay home to contain the spread of the new coronavirus.
The Dow Jones Industrial Average fell 913 points, or 4.5 percent, to 19,173. The tech-heavy Nasdaq dropped 271 points, or 3.8 percent, to 6,879.
For the week, the Dow is down 4,011 points, or 17.3 percent. The index has marked the largest one-week drop since October 2008, shortly after the collapse of Lehman Brothers.
The Dow is about 650 points lower than when President Donald Trump took office in January 2017.
On Friday, the US Federal Reserve rolled out more emergency support as it enhanced efforts with other major central banks to ease a global dollar-funding crunch.
But investors accelerated their sellling of stocks after New York Governor Andrew Cuomo ordered that most workers remain at home, and all non-essential businesses close.
On the oil market, WTI futures in New York fell to the 19-dollar-a-barrel level. That's its lowest in 18 years.
Concerns are spreading across markets that economic activities will be significantly restricted, and the coronavirus will plunge the US and other major economies into recessions.
Source: NHK World