The stock market cratered again on Friday, marking the seventh day of a massive sell-off sparked by rising fears about the coronavirus epidemic.
The Dow Jones Industrial Average plunged by 800 points at the opening bell, with the S&P 500 and the Nasdaq each falling by 3 percent.
The meltdown comes as traders appear to lose any hope that the spread of the highly infectious disease has been staunched, with the number of cases continuing to spiral globally.
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A dozen countries have reported their first virus cases over the past 24 hours, including Nigeria, the biggest economy in Africa.
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The epidemic has wiped $6 trillion off global stocks in just six days, with multinational companies abandoning or downgrading their forecasts for 2020 due to near-paralysis in their supply chains, production lines and cargo shipping.
Talk has turned to whether or not the Federal Reserve will implement a rate cut at its meeting on March 17-18 in order to steer the U.S. economy through the epidemic.
The economy is currently in a "good position," said St. Louis Federal Reserve President James Bullard in a statement on Friday, noting that current central bank policy has "cushioned the economy against adverse shocks."
“Further policy rate cuts are a possibility if a global pandemic actually develops with health effects approaching the scale of ordinary influenza, but this is not the baseline case at this time,” he said.
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All three major averages have fallen into correction this week, with the S&P 500 down almost 11 percent and the Dow down by more than 3,500 points, marking the worst performance for Wall Street since the financial crisis.
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February 28, 2020 at 09:39PM
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Dow falls 800 points as coronavirus fears smash Wall Street - NBCNews.com
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