Stocks have fallen to their worst week since the financial crisis of 2008 as traders went into full retreat out of fear that the coronavirus will plunge the U.S. and other major economies into deep recessions. The Dow closed down more than 900 points.
This photo provided by the New York Stock Exchange shows trader Patrick Casey, left, and specialist Peter Mazza as they work on the trading floor on Friday, March 20, 2020. Stocks turned lower Friday after New York became the latest major state to mandate nearly all workers stay home to limit the spread of the new coronavirus.
The measures mean less demand for oil. U.S. crude dropped about 21% and moved below $20 a barrel for first time since February 2002. “We just don’t know what the next two weeks will bring,” said Paul Christopher, global market strategist at the Wells Fargo Investment Institute. “Are we going to follow the same infection curve as other countries and the number infections will drastically accelerate? That’s when the storm is going to come.”
Members of President Donald Trump’s economic team were convening Friday on Capitol Hill to launch negotiations with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak.
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