Stocks sank to their worst week since the financial crisis of 2008 as traders went into full retreat out of fear that the coronavirus will plunge the U.S. and other major economies into deep recessions.
The Dow industrials dropped more than 900 points, extending their weekly loss to 17%. The price of U.S. crude oil also took another nosedive as investors anticipate a sharp drop in demand for energy as manufacturing, travel and commerce grind nearly to a halt.
New York became the latest state to extend a mandate to nearly all workers stay home to limit the spread of the virus.
Starting Monday, the floor at the US Stock Exchange will be empty to promote social distancing.