Stocks end worst week since 2008

US stocks fell Friday, ending the worst week for the Dow Jones Industrial Average and S&P 500 since the financial crisis more than a decade ago as the coronavirus continued to batter the market.

The blue-chip index dropped 913.21 points, or 4.5 percent, to close at 19173.98 and had been up 2.2 percent at its high point for the day.

The S&P 500 fell 104.47 points, or 4.3 percent, to 2304.92. The tech-heavy Nasdaq Composite dropped 271.06 points, or 3.8 percent, to 6879.52.

Major indexes opened higher but retreated when New York Governor Andrew Cuomo ordered the state's workforce to stay home. California and Illinois have issued similar edicts.

Stocks sank further after the Trump administration said US borders with Mexico and Canada would be closed to nonessential travel.

The moves in markets over the past month have caused investors to move away from traditionally safe assets like US government bonds and gold in recent days and turn to cash.

"Unlike in 2008, there's no place to hide," said Scott Martin, chief investment officer of Kingsview Wealth Management. "Nobody wants to own anything except cash."

Goldman Sachs said Friday that it expects US growth to contract 24 percent in the second quarter, far outpacing the largest drop in gross domestic product on record in the first quarter of 1958 when the economy contracted 10 percent.

On Friday, the Dow closed below where it stood on the day before President Donald Trump was inaugurated, erasing the so-called "Trump bump" that the president has trumpeted throughout his presidency as evidence of his success. The S&P 500 also isn't far from that mark.

Stocks have collapsed more than 30 percent in a month, wiping out trillions in value and ending an 11-year long bull market. For both the S&P 500 and the Dow, the drop this week was the worst since the financial crisis more than a decade ago.