US stocks slip to worst week since 2008 as coronavirus fears grip global markets
US stocks suffered their worst week since the financial crisis in 2008 as Wall Street followed the FTSE 100 and other global markets in continuing to plunge on Friday with coronavirus fears causing uncertainty.
The S&P 500 fell a further 0.8 per cent on Friday to bring its losses to 13 per cent since hitting a record high on 19 February.
The Dow Jones also fell 1.5 per cent on Friday, shedding another 357 points, following the worst day in its history on Thursday when it lost 1,191 points.
The Nasdaq remained level on Friday but was significantly down for the week as US stocks followed the global trend.
All the indices parred some losses throughout the day as the Federal Reserve reassured investors the fundamentals of the American economy remained strong and that the central bank would act as appropriate to provide support.
It comes as the coronavirus continues to spread, with new cases confirmed in at least six countries across four continents.
Markets around the globe continued to suffer as a result with the FTSE 100 and pan-European Stoxx 600 both down 3.4 per cent at close.
It led the World Health Organization (WHO) to raise its impact risk alert to “very high.”