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US stocks continue downward spiral as virus fears shock markets in WORST WEEK since 2008 meltdown US stocks continue downward spiral as virus fears shock markets in WORST WEEK since 2008 meltdown
(32 minutes later)
All three major US market indices continued their free-fall amid growing panic over the COVID-19 outbreak, each seeing their worst week since the global financial crisis in 2008.All three major US market indices continued their free-fall amid growing panic over the COVID-19 outbreak, each seeing their worst week since the global financial crisis in 2008.
The Dow Jones Industrial average dropped more than 350 points after trading closed on Friday, falling by over 1.3 percent and capping off a week of dramatic decline which saw the Dow plummet more than 3,500 points. The S&P 500, meanwhile, shed nearly 25 points, added to a precipitous drop of some 300 points throughout the week – losing 11.5 percent. While the Nasdaq ended Friday up by less than a point, the index fell by 10.5 percent this week.
Though Federal Reserve Chairman Jerome Powell reiterated that economic fundamentals “remain strong” in the US despite the rapid drop in stocks, he said the Fed would closely monitor developments and would “use our tools and act as appropriate to support the economy.”
President Donald Trump, a frequent critic of the Fed, demanded earlier this week that the central bank push down interest rates further to stimulate growth, but acknowledged the COVID-19 outbreak would likely prevent the US economy from hitting his three-percent growth target set for this year.
With markets taking a beating all week, netizens have launched a #StockMarketCrash2020 hashtag to mark the occasion – some pouncing on the numbers and taking an opportunity to bash the Trump administration, blaming him for single-handedly triggering the collapse.
DETAILS TO FOLLOW Supporters of the president also soon weighed in, insisting Trump’s policies have only bolstered the economy and that markets would quickly bounce back after the virus panic wanes.
Since the outbreak began in China last December, the illness has spread to more than 84,000 people worldwide, killing just shy of 2,900.
With new flare-ups in South Korea, Iran and Italy in recent days, fear of the virus has tanked markets well beyond the US, with stocks taking major hits across Asia and Europe as well.
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