Global stocks plummeted over the week on concerns over the quick global spread of the coronavirus and the potential impact on the global economy. The S&P 500 plunged 11.4% and the Dow sank 12.6% over the week. It took just six days for the S&P 500 to fall more than 10%, the fastest decline from a record high since 1980. Abroad, the FTSE All World Ex US dropped 8.9% for the week. Oil plunged 16.1% to finish the week at $44.76 a barrel. Investors moved to safe haven assets with the 10-year Treasury yield ending the week at 1.13%, its lowest level ever.
Fed Chairmen Powell announced the Fed was ready to cut the Fed Funds Rate to help support the US economy.