Stocks sank to their worst week since the financial crisis of 2008 as traders went into full retreat out of fear that the coronavirus will plunge the U.S. and other major economies into deep recessions.
The Dow industrials dropped more than 900 points on March 20, extending their weekly loss to 17%.
The price of U.S. crude oil also took another nosedive as investors anticipate a sharp drop in demand for energy as manufacturing, travel and commerce grind nearly to a halt.
Also on Friday, Illinois and New York state joined California in ordering all residents to stay in their homes unless they have vital reasons to go out, undertaking the most sweeping efforts yet in the U.S. to contain the spread of the coronavirus.
The three states encompass more than 70 million people and the three biggest cities in America: New York, Los Angeles and Chicago.
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