The major U.S. stock indexes largely lost ground again Friday, capping the market’s worst week since the financial crisis a decade ago, as worries deepened about how the coronavirus outbreak will affect the economy.
The market’s losses moderated somewhat after the Federal Reserve released a statement saying it stood ready to help the economy if needed. Investors increasingly expect the Fed to cut rates at its next policy meeting in mid-March.The rout has knocked every major index into what market watchers call a correction, or a fall of 10% or more from a recent peak. The last time that occurred was in late 2018, as a tariff war with China was escalating.
Uncertainty turned into fear as the virus started jumping to places outside of the epicenter and dashed hopes for containment.Airlines and cruise operators have suffered some of the worst hits as flight routes are canceled, along with travel plans. Big names like Apple and Budweiser brewer AB InBev are part of a growing list of companies expecting financial pain from the virus. Dell and athletic-wear company Columbia Sportswear are the latest companies expecting an impact to their bottom lines.
I'm not very pleased with stocks recently.
That reversal at the end is interesting though.