S&P 500 posts worst week since the financial crisis as coronavirus fears flare
The S&P 500 ultimately tumbled 11% over five days, its worst weekly drop since the financial crisis in 2008. Further, the benchmark's seven-day skid marked its longest in more than three years. The Dow absorbed a 12% weekly decline.
Coronavirus fears continue to grip investors and prompt dire warnings from public health officials. The Centers for Disease Control said Wednesday that Americans should prepare for the virus to spread further within the US. The outbreak had caused the first drug shortage in the US, the Food and Drug Administration, signaling new supply chain disruptions in the increasingly critical health care sector.
Federal Reserve Chair Jerome Powell pared losses on Friday afternoon when he said the central bank is closely monitoring the economic fallout of coronavirus, and said it would . White House Economic Advisor Larry Kudlow also attempted to inject optimism by saying investors should"buy the dip."
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