Stocks closed broadly lower on Wall Street Friday following the latest grim snapshot of the toll the coronavirus is having on the labor market as the economy grinds to a halt.
The S&P 500 fell 1.5%, capping its third down week in the last four, after the government reported that more than 700,000 jobs were lost last month. Many businesses have shut down in an attempt to slow the spread of the coronavirus outbreak. Investors and economists expect that far worse data is on the way.
The market losses accelerated after New York announced its biggest daily jump yet in deaths.
The S&P 500 index fell 38.25 points, or 1.5%, to 2,488.65.
The Dow Jones Industrial Average dropped 360.91 points, or 1.7%, to 21,052.53.
The Nasdaq slid 114.23 points, or 1.5%, to 7,373.08.
The Russell 2000 index of smaller company stocks lost 33.76 points, or 3.1%, to 1,052.05.
For the week:
The S&P 500 fell 52.82 points, or 2.1%.
The Dow lost 584.25 points, or 2.7%.
The Nasdaq is dropped 129.30 points, or 1.7%.
The Russell 2000 is gave up 79.94 points, or 7.1%.
For the year:
The S&P 500 is down 742.13 points, or 23%.
The Dow is down 7,485.91 points, or 26.2%.
The Nasdaq is down 1,599.52 points, or 17.8%
The Russell 2000 is down 616.42 points, or 36.9%.