Stocks closed lower on Wall Street Wednesday as more signs emerged of the economic damage being caused by the coronavirus outbreak.
Energy stocks fell sharply after the price of oil touched another 18-year low, and banks dropped after they had to set aside billions in preparation for a wave of loan defaults. Bond prices rose, sending yields lower.
Markets have been stuck cycling between fear and budding optimism in recent weeks as investors try to guess how long and deep the looming recession will be, and several dismal economic reports highlighted the downside.
The S&P 500 index fell 62.70 points, or 2.2%, to 2,783.36.
The Dow Jones Industrial Average lost 445.41, or 1.9%, to 23,504.35.
The Nasdaq dropped 122.56 points, or 1.4%, to 8,393.18.
The Russell 2000 index of smaller company stocks gave up 53.36 points, or 4.3%, to 1,183.98.
For the week:
The S&P 500 is down 6.46 points, or 0.2%.
The Dow is down 215.02 points, or 0.9%.
The Nasdaq is up 239.60 points, or 2.9%
The Russell 2000 is down 62.75 points, or 5%.
For the year:
The S&P 500 is down 447.42 points, or 13.8%.
The Dow is down 5,034.09 points, or 17.6%.
The Nasdaq is down 579.43 points, or 6.5%
The Russell 2000 is down 484.49 points, or 29%.