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Dow Jones Industrial Average drops 357 points on coronavirus fears

U.S. stocks gyrated Friday as fears escalated over the fast-spreading coronavirus, with stocks posting their worst week since the depths of the global financial crisis. 

The Dow Jones Industrial Average dropped 357.28 points to close at 25,409.36, recouping some losses after dropping more than 1,000 points. The Standard & Poor’s 500 slid 0.8% to end at 2,954.22. The Nasdaq Composite closed virtually unchanged to finish at 8,567.37.

The fallout over the virus has shaved off more than 3,000 points from the blue-chip average this week alone. The Dow and S&P 500 were both down more than 10.5% this week, their worst weekly performance since 2008. 

“This week reminded many investors of 2008, which isn’t a happy memory,” Ryan Detrick, senior market strategist at LPL Financial, says in a note. “None the less, remember that the overall economic backdrop is still healthy in the U.S., but when fear grips, that doesn’t matter.” 

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