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Another Industry slump Provides worst week for Wall Street Because 2008

Stocks sank again following another crazy day, extending a rout that left Wall Street with its worst week since October 2008.

The inventory swoon has been pushed by the fear that the coronavirus outbreak will hamper the international market.

The Dow Jones Industrial Average dropped 357 points, or 1.4%, to 25,409. The S&P 500 dropped 24 points, or 0.8%, to 2,954. The benchmark index has dropped 13% since hitting a record high 10 weeks ago. The Nasdaq increased 1 point to 8,567.

The virus epidemic was shutting down industrial centers, draining stores and seriously crimping travel all around the world.

More firms are warning investors that their financing is going to take a hit due to disruptions to supply chains and earnings. Authorities are taking increasingly extreme steps as they fight to contain the virus.

The market’s losses moderated somewhat after the Federal Reserve published a statement saying that it stood ready to assist the market if necessary. Investors expect the Fed to cut rates at its next policy meeting in mid-March.

Stocks in Europe also dropped such as the FTSE 100, the CAC 40 and the DAX.