Andrew Kelly/Reuters
- Stocks dropped for the second day in a row as coronavirus volatility dragged risk-asset prices deeper into correction territory.
- All major US indices declined as the outbreak’s infection count passed 100,000 and investors continued running to safe havens.
- The S&P 500 sank as much as 3.6%, erasing all gains made earlier in the week.
- Monitor US indices here.
US stocks dropped for the second session in a row as coronavirus woes continued to weigh on risk-asset prices and drive outsized volatility.
All major US indices sank in Friday trading as the outbreak’s infection count passed 100,000. Maryland entered a state of emergency on Thursday after confirming the state’s first virus cases. Pennsylvania announced its first two speculative cases Friday morning. President Trump’s signing of an $8.3 billion epidemic relief package did little to calm the stock market’s fears.
The S&P 500 erased gains made earlier in the week during Friday’s session.
Coronavirus has so far killed more than 3,400 people and spread to at least 93 countries after originating in Wuhan, China.
Here’s where major US indices stood as of 1:05 p.m. ET Friday:
- S&P 500: 2,949.19, down 2.5%
- Dow Jones Industrial Average: 25,661.80, down 1.7% (450 points)
- Nasdaq Composite: 8,509.32, down 2.6%
Friday’s tumble arrives after a similar slump during the previous trading day. The S&P 500 ended Thursday down 3.4%, reentering correction territory after a small recovery at the beginning of the week. The benchmark index is set to close Friday with its most volatile week since 2011.
Central banks around the world have issued emergency stimulus to curb economic damage sourced from the virus. The Federal Reserve cut its benchmark interest rate by 50 basis points on Tuesday, but the move did little to soothe markets and concerns of a global supply shock.
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