Dow Jones drops more than 900 points, ends worst week since global financial crisis

2020-03-20 21:40:50 GMT (Economies.com)
Dow Jones drops more than 900 points, ends worst week since global financial crisis

US stocks slumped once again on Friday and deepened losses, weighed down by the energy and travel sectors' losses, and the lingering the coronavirus outbreak with its impact on the global economy.

 

The US announced restricting travel with Mexico and Canada, and will allocate huge stimulus package worth $1 trillion to ease the coronavirus impact on US industries and small companies and citizens.

 

To the oil market, West Texas Intermediate crude fell 10.6% to close at $22.53 a barrel, posting its largest weekly loss since 1991 with 29%, after hitting today's high at $27.8 and the low at $22.3.

 

Brent plunged 5.2% to $26.98 a barrel, with  weekly losses of 20.2%, a day high of $30.9 and a low of $27.08 a barrel.

 

Many central banks took huge stimulus measures, led by the Federal Reserve and the Bank of England, as the latter announced a rate cut of 0.1% and expanded its asset purchase program.

 

As for stocks, Dow Jones fell 4.5% or 913 points to close at 19,174, and posted the largest since 2008 weekly losses of 17.3%, after it hit an intraday high 20,531 and a low 19,094.9.

 

Nasdaq dropped 3.8% or 271 points to 6,879 points, with weekly losses of 12.6%, a high of 7,354 and a low of 6,854 points.

 

S&P 500 fell by 4.3% or 104 points to close at 2,305, and posted weekly losses of 15%, with a high of 2,453 and a low of 2,295.

 
 
 
  Symbol Last Change Chg.%
1.0809
-0.0326
2.9264%
1.2267
-0.0188
1.5090%
Tadawul
6752.19
2.50
0.04%
14.417
-0.029
0.201%
28.815
6.987
32.012%
34.94
5.00
16.70%
1620.000
-0.150
0.009%
 
 
US
 
Europe
 
Asia