US stocks erase $3.18 trillion in value this week amid coronavirus tailspin

Finance

A trader reacts on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 5, 2019.

Brendan McDermid | Reuters

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.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Articles You May Like

State tax officials are using AI to go after wealthy payers
Most doses of Eli Lilly’s Zepbound, Mounjaro in short supply through June, FDA says 
Vince McMahon is taking vacations and in touch with Trump as WWE tries to move on from scandal-plagued ex-CEO
Temporary Supply Shocks Matter More Than Increased Demand To Inflation Bump
Volkswagen union vote in Tennessee to test UAW’s power after victories in Detroit

Leave a Reply

Your email address will not be published. Required fields are marked *