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Dow Jones Industrial Average posts worst week since 2008

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

Stocks have erased trillions in market value since eclipsing records last week, driven by mounting worries the deadly outbreak will further damage an already slowing global economy.

The fallout over the virus has shaved off more than 3,500 points from the Dow Jones Industrial Average this week alone, its largest ever. For the week, the Dow and S&P 500 shed 12% and 11.5%, respectively, their worst performance in that span since October 2008, according to FactSet. 

“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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