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Stock market woes continue as Dow drops for 8th straight day

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Posted at 9:10 AM, Feb 28, 2020
and last updated 2020-02-28 16:03:56-05

The week-long freefall for the Dow Jones Industrial Average continued in trading Friday, ending the most tumultuous week the index has had in nearly 12 years.

The Dow sank by 1,000 points during trading Friday, as the market continues to fear that the COVID-19 outbreak will result in a worldwide economic slowdown.

Stocks recovered by the end of the day, but ended the day down about 350 points.

The Dow finished down more than 1,200 points on Thursday — the largest single-day drop in its history. However, as a percentage, the Dow's drop fails to rival stock market disasters like 1987's Black Monday, the 1929 crash that started the Great Depression or the 2008 financial crisis.

Economists fear that coronavirus quarantines will lead to a slowdown in trade. Oil and energy prices have sunk in the past week, in what experts say is a troubling sign of a worldwide recession.

The Dow has lost 15% of its value from its record high, set on Feb. 12.