Economics
U.S. Stocks Tumble 11% in Worst Week Since Crisis: Markets Wrap
- Weekly decline on S&P 500 is worst since the financial crisis
- Fed’s Bullard says rate cuts possible if virus spread worsens
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The spread of the coronavirus rattled global financial markets, sending U.S. stocks to their worst week since the financial crisis more than a decade ago. Demand spiked for safe assets from Treasuries to the yen.
The S&P 500 plunged 11% in the five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost $3 trillion in value from American equities. Treasuires surged, pushing yields on the 10- and 30-year notes to record lows during the period. Oil plunged toward $45 a barrel in its biggest weekly rout since 2008.