Wall Street fell again on Friday, erasing all the gains that stocks have made since President Donald Trump took office. The market's benchmarks plunged deeper into bear market as the S&P 500 lost 15% for the week and the Dow Jones Industrial Average dropped 17.3% for the same time period.
The coronavirus's continued spread has led to a stop to normal American life. COVID-19 has brought the mass closure of private businesses, soaring unemployment and has become a major threat to the heath of the global economy. Goldman Sachs
"We expect declines in services consumption, manufacturing activity, and building invest to lower the level of [growth] in April by nearly 10%," the in vestment firm stated on Friday. Goldman predicts that the U.S. economy will contract by 24% in the second quarter before rebounding in the second half of 2020's fiscal year.
Here's how the market closed to end the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, many travel stocks--United Airlines
In Stock Sector News, every sector besides, surprisingly, Energy +0.96%, fell into deeper lows on Friday. The performance losses were as follows: Utilities -8.18%, Consumer Staples -6.53%, Real Estate -5.48%, Industrials -5.04%, Communication Services -4.63%, Information Technology -4.42%, Health Care -4.08%, Materials -3.53%, Financials -3.27% and Consumer Discretionary -2.71%.
Lastly, in Commodity and Currency News, Wall Street's fresh sell-off on Friday accelerated crude oils losses, leading to a -20.89% drop for West Texas Intermediate