Dow drops more than 500 points as Wall Street nears the end of a turbulent week
Stocks fell on Friday, extending the deep rout in the previous session, as Wall Street edges closer to the end of a tumultuous trading week.
The Dow Jones Industrial Average fell 530 points, or 1.9%, cutting some of its morning losses. The 30-stock benchmark plunged 894 points at one point in the session. The S&P 500 and the Nasdaq Composite also pared losses slightly, last down 2.1% and 1.9%, respectively.
Friday’s declines came as the benchmark 10-year Treasury yield tumbled below 0.7% for the first time ever. Investors continued to seek safer assets amid fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. Another haven asset gold is on track for its best week since 2008.
Airline stocks rebounded on Friday, providing the broad market some support, after chief economic advisor Larry Kudlow said the White House is considering “targeted measures” …continued .
[Source: CNBC News]