Market Update: Wall Street Drops to Lowest Point in Three Years

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 (NYSE: GS) echoed the earlier statements made by Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS) on Friday; the world's largest economy is already in a recession.

"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 (NYSE: SPY): -4.34% or -104.47 points to 2,304.92

Dow Jones Industrial Average (NYSE: DIA): -4.55% or -913.21 points to 19,173.98

Nasdaq Composite Index (NASDAQ: QQQ): -3.79% or -271.06 points to 6,879.52

In Major Stock News, many travel stocks--United Airlines (NASDAQ: UAL), American Airlines (NASDAQ: AAL), MGM Resorts (NYSE: MGM), Wynn Resorts (NASDAQ: WYNN), Marriott (NASDAQ: MAR) and Hilton (NYSE: PK)--bounced Friday amid the new market sell-off. Technology stocks, like major players Facebook (NASDAQ: FB), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Netflix (NASDAQ: NFLX), Google (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT), rose but later fell as more Americans are ordered to remain in their homes.

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 (NYSE: USO) and a -2.53% change for Brent Crude (NYSE: BNO). Benchmark barrel prices not range between $19-$28 each. Gold (NYSE: GLD) posted a good amount of gains on Friday, with the metal's price increasing +2.13%. Finally, the U.S. Dollar (NYSE: UUP) lost some of its recent strength on Friday, with the DXY Index dropping -0.56%.