Dow falls 250 points after turbulent week, oil drops to 3-year lowclose
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After a rollercoaster week, the Dow cut some of its losses after sliding nearly 900 points Friday morning, closing down over 250 points as fears over the new coronavirus continue to weigh on the economy despite a strong February jobs report. Meanwhile, oil fell to a three-year low.
Friday's slip capped a turbulent trading week that saw the global economy impacted by the COVID-19 outbreak that has infected more than 101,000 people and killed 3,400 others globally. In the United States, officials confirmed 244 cases and 12 deaths.
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VideoMarkets saw little reaction to the addition of 273,000 jobs to the economy as the unemployment rate decreased to 3.5 percent. The jobs beat expectations by Wall Street experts surveyed by Refintiv, which found that many expected only 175,000 new jobs.
President Trump hailed the report in a Friday morning tweet.
"JOBS, JOBS, JOBS!!!" he wrote.
Economists have warned that the virus could slow hiring in futures months — and push the U.S. into a recession if it's not contained quickly. On Tuesday, the Federal Reserve cut interest rates to stave off the economic fallout from the virus as it continues to spread.
Cruise operators saw a gain despite one ship being held off the coast of California while passengers and crew members get tested for the virus. Asian markets saw slight decreases with Japan's Nikkei falling 2.7 percent, Hong Kong’s Hang Seng sliding 2.3 percent and China’s Shanghai Composite shedding 1.2 percent.
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On Thursday, the Dow slid over 970 points, or 3.5 percent, a day after gaining 1,173 points, the second-biggest point gain in its history. The S&P 500 and Nasdaq Composite tumbled more than 3 percent.
Fox Business' Johnathan Barber and Megan Henney contributed to this report.
