US stocks erase $3.18 trillion in value this week amid coronavirus tailspin
The S&P 500 lost $203 billion in value on Friday, according to estimates from S&P Dow Jones Indices. Friday’s losses bring the weekly total for U.S. stocks to $3.18 trillion, the firm’s Senior Index Analyst Howard Silverblatt told CNBC. Stocks cratered again on Friday as investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus.
The coronavirus wiped $3.18 trillion in market value from U.S. stocks this week, according to estimates from S&P Dow Jones Indices.
The equity benchmark lost $203 billion in value on Friday, adding to its $2.997 trillion loss from Monday to Thursday, the firm’s Senior Index Analyst Howard Silverblatt told CNBC. The S&P 500 index has lost $3.58 trillion in value from its Feb. 19 high.
Stocks cratered again on Friday as investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus. All three major average ended the week deep in correction territory, more than 10% off their most recent highs. The Dow Jones Industrial Average lost nearly 3,500 points since Monday.
The spreading deadly virus has sent shock waves through the markets. Companies like Microsoft, Apple, Nike, United Airlines and Mastercard have all raised flags about the coronavirus and its impact on their earnings.
Stocks got a slight reprise when Federal Reserve Chairman Jerome Powell said Friday the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged action if necessary. Right after that, a report from the Washington Post said the Trump administration is entertaining the idea of tax cuts to combat the economic impact of the coronaviorus. Stocks ended the day off their lows, banking on some sort of central bank or government response over the weekend.
The equity benchmark lost $203 billion in value on Friday, adding to its $2.997 trillion loss from Monday to Thursday, the firm’s Senior Index Analyst Howard Silverblatt told CNBC. The S&P 500 index has lost $3.58 trillion in value from its Feb. 19 high.
Stocks cratered again on Friday as investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus. All three major average ended the week deep in correction territory, more than 10% off their most recent highs. The Dow Jones Industrial Average lost nearly 3,500 points since Monday.
The spreading deadly virus has sent shock waves through the markets. Companies like Microsoft, Apple, Nike, United Airlines and Mastercard have all raised flags about the coronavirus and its impact on their earnings.
Stocks got a slight reprise when Federal Reserve Chairman Jerome Powell said Friday the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged action if necessary. Right after that, a report from the Washington Post said the Trump administration is entertaining the idea of tax cuts to combat the economic impact of the coronaviorus. Stocks ended the day off their lows, banking on some sort of central bank or government response over the weekend.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.