(CNBC) Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
The Dow Jones Industrial Average closed 227.57 points lower, or 0.8%, at 28,992.41. It was the Dow’s first close below 29,000 since Feb. 4. The S&P 500 slid 1.1% to 3,337.75 while the Nasdaq Composite declined by 1.8% to 9,576.59. The Dow had its worst daily performance since Feb. 7 while the S&P 500 posted its biggest one-day loss since Jan. 31. The Nasdaq recorded its worst session since Jan. 27.
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Friday’s losses sent the major averages lower on a weekly basis for the first time in three weeks. The Dow, S&P 500 and Nasdaq all fell more than 1% week to date.