Dow Jones Industrial Average falls 360 points
The Dow slid 360.91 points, or 1.69%, to close at 21,052.53. The S&P 500 closed 1.51% lower at 2,488.65. The Nasdaq Composite fell 1.53% to 7,373.08. Mounting worries over the coronavirus and a dismal jobs report pressured equities to end the week.
Spike in NY coronavirus deaths
New York Gov. Andrew Cuomo said deaths in the state rose by 562 in 24 hours to more than 2,900 for its biggest increase to date. Cuomo added the curve of confirmed cases “continues to go up,” noting there are now over 100,000 cases in the state. U.S. payrolls fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment rate jumped to 4.4%. Bottom line, investors are bracing for even more grim news on the virus and the economy.
American Express, IBM drive Dow lower
American Express was among the worst-performing Dow stocks, falling 3.99%. IBM also pressured the Dow, closing 3.33% lower.
What happens next?
Investors will watch out for any developments related to the coronavirus over the weekend.