All three of the major U.S. stock market indices finished in negative territory on Friday, as Wall Street’s meltdown over the past month has now erased all the U.S. stock market gains since President Trump entered the White House.
On Feb. 12, the Dow Jones Industrial Average peaked at 29,551.42 — a +49% jump from its close on Trump’s Inauguration Day in January 2017. But within a span of weeks, it has lost a third of its value as the coronavirus crisis has played out,
While the U.S. stocks fall, the US Dollar Index has rallied back to levels of 103.80, last posted at January 2017.
On Friday, it lost an additional -913.21 points, roughly -4.6%, to close at 19,173.98.
The Standard & Poor’s 500 Index finished at 2,304.92, down -4.3%, while the tech-heavy Nasdaq composite slid -3.8% to close at 6,879.52.
Friday was the last day of floor trading before the New York Stock Exchange switches to all-electronic trades starting Monday to help protect its employees and others from the coronavirus.
In less than two months, the U.S. has gone from enjoying a record-breaking stretch of economic growth to bracing for a deep recession driven by the near-total shutdown of entire industries.
Claims for unemployment benefits rose sharply this week and will likely soar as businesses lay off workers.
Consumer spending, which drives roughly two-thirds of the U.S. economic growth, is expected to plummet as a country with fewer jobs earns less money to spend at a dwindling number of open businesses.
As mentioned above, the New York Stock Exchange is going all-electronic on Monday, marking the first time that the centuries-old exchange will operate in regular hours without its legion of trusted floor traders.