Dow tumbles 500 points as worst week since the financial crisis continues

Stocks tumbled once again on Friday, adding to the market’s worst week since the financial crisis, as worries over the coronavirus and its impact on the economy continue to rattle investor sentiment. The Dow Jones Industrial Average dropped 528 points, or more than 2%. The 30-stock average traded about 800 points lower at the open. The S&P 500 slid 2.1% while the Nasdaq Composite fell about 2%.

The major averages were under pressure on Friday in part because investors kept adding to their bond-market exposure. The benchmark U.S. 10-year Treasury yield touched a fresh record low. It was last at 1.18%. Yields move inversely to prices. New Zealand and Nigeria reported overnight their first coronavirus cases. South Korea, meanwhile, confirmed more than 500 new cases. China reported 327 additional cases.

Caterpillar — a bellwether stock for global growth — slid more than 1%. Apple shares dropped 4.1% while JPMorgan Chase and United Technologies dropped more than 2.9% each. The Cboe Volatility Index, also known as Wall Street’s so-called fear gauge, hit a high of 47.15, its highest level since February 2018. It last trade around 41.

The Dow plummeted nearly 1,200 points on Thursday — its biggest one-day point drop ever — as worries over the coronavirus possibly spreading sent stocks spiraling lower. The 30-stock average closed in correction territory along with the S&P 500 and Nasdaq Composite.

Dow tumbles 500 points as worst week since the financial crisis continues, CNBC, Feb 28