Wall Street just suffered its worst week since the financial crisis, with all three major indices entering correction and the Dow Jones Industrial Average losing a staggering 3,500 points in just five days.
The massive sell-off was fueled by rising uncertainty about the coronavirus epidemic, and comes as multinational companies abandoned or downgraded their forecasts for 2020 due to near-paralysis in their supply chains, production lines and cargo shipping.
The Dow closed with a decline of 357 points, having fallen earlier in the day by 1,000 points for the third time this week. Thursday’s historic decline of 1,190 was the biggest drop in history for the blue-chip index. The S&P 500, which was down as much as 3.7 percent earlier in the day, pared its losses to close down 0.82 percent. The Nasdaq ended the day in the green, rebounding from spending most of the session down by 3.5 percent.