Traders work before the opening bell at the New York Stock Exchange (NYSE) on November 14, 2019 in New York City. Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.
JOHANNES EISELE | AFP | Getty Images
Dow Jones Industrial Average tumbles 357 points
The Dow dropped 357.28 points, or 1.39%, to 25,409.36. The S&P 500 slid 0.82% to 2,954.22. The Nasdaq Composite rose 0.01% to close at 8,567.37. Stocks capped off a wild week of trading with another massive sell-off.
Worst week since the financial crisis
The Dow and the S&P 500 posted their biggest one-week decline since 2008 as concerns over the coronavirus pressured investors out of stock and into Treasurys. The 10-year Treasury note yield broke below 1.15% for the first time ever. The fast nature of this recent decline has raised questions about the possibility of easier monetary policy. Federal Reserve Chairman Jerome Powell said in a statement the central bank will “act as appropriate” to support the economy amid the coronavirus outbreak. However, some investors wonder if lower rates will be enough to stem the economic decline from the coronavirus.
Apple swings wildly, JPMorgan drops
Apple shares closed lower by 0.06% after a volatile session that saw it briefly trade positive. JPMorgan Chase was among the biggest Dow decliners, falling by 4.33%.
What happens next?
The ISM manufacturing index is set for release on Monday. Investors will also watch out for any new updates on the coronavirus.
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