Dow ends worst week since 2008 financial crisis

A worker sweeps the floor of the New York Stock Exchange after the closing bell on Wall Street in New York City on Friday. Photo by John Angelillo/UPI

March 20 (UPI) — Stocks attempted to rally early Friday, but tumbled further throughout the day, ending the worst week in over a decade for the Dow Jones Industrial Average.

The Dow closed at 19,248, down 4.5 percent for the day. The S&P 500 slid 4.4 percent and the Nasdaq Composite fell 3.8 percent, despite a 2 percent jump earlier in the day.

The Dow was down more than 17 percent for the week, its biggest weekly decrease since October 2008, when it dropped 18.2 percent. The S&P 500 lost 13 percent and the Nasdaq 12.6 percent this week.

Stocks attempted to rally with gains early Friday, but sources told CNBC that news that clearing firm Ronin Capital failed to meet its capital requirements dragged trading down toward the end of the day.

Oil prices, which have plummeted in recent weeks, showed some gains Friday but fell back into the negative. Brent crude was trading at $29.44 per barrel.

Friday’s losses followed reports that multiple U.S. senators moved to sell off some of their stock weeks ago at the start of the coronavirus outbreak. Among those reported to have dumped shares are Sens. Richard Burr, R-N.C., Dianne Feinstein, D-Calif., James Inhofe, R-Okla., and Kelly Loeffler, D-Ga.


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