NEW YORK: Wall Street stocks sank on Friday , plunging after three positive sessions despite the House of Representatives approving a US$2 trillion package to address the coronavirus crisis.Advertisement
Despite Friday's rout, all three indices finished the week with solid gains as the giant stimulus moved through Washington towards the desk of the president, with the Dow experiencing its largest weekly gain since 1931. "It is clear that we have entered a recession" that will be worse than the aftermath of the global financial crisis in 2009, said IMF chief Kristalina Georgieva.
But there remains doubt about whether that can happen in the three weeks he has set as the timeframe.
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