This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (CNN) — This week’s wild see-saw ride for stocks looks like it will end on a down note. The Dow is tumbling once again as Wall Street returns to coronavirus fear-mode.

The Dow opened 800 points lower. The S&P 500 was down 3% and the Nasdaq dropped 3%. Thursday’s trading session was just as brutal.

As stocks tumbled, CNN Business’ Fear and Greed Index remained in “extreme fear” territory. The VIX volatility index soared another 23% to its highest level since exactly 11 years ago — March 6, 2009, the day the financial crisis bear market reached its nadir. The Dow briefly fell below 6,500 points that day. On Friday, the Dow opened just above 25,000 points.

Investors poured money into safe-haven assets: US Treasury bond buying skyrocketed, and the 10-year yield fell below 0.7% to a new record low. Gold is up more than 1% and pushing $1,700 an ounce. The Japanese yen strengthened once again, gaining nearly 1% against the dollar Friday.


The US Labor Department said Friday that the US economy added 273,000 jobs in February. Coronavirus fears hadn’t yet fully taken hold when the jobs survey was completed in mid-February, so economists had expected that a reasonably large number of jobs were added to the US economy last month. But the strong report blew away expectations.

That’s positive news for the US economy, because March’s report could be ugly. Still, stocks remained sharply lower.


US oil is down 3.9% Friday to just over $44 a barrel on reports that Russia will not sign up to OPEC’s new plan to slash crude output. The oil cartel on Thursday said it would reduce output by 1 million barrels per day — on top of existing cuts — and it asked non-cartel allies, including Russia, to cut a total of 500,000 barrels per day.

Russia and OPEC are meeting Friday, but Moscow disagrees with the cartel’s proposal, according to the Wall Street Journal. That uncertainty sent oil sharply lower. Oil is in a deep bear market and demand has plummeted during the coronavirus outbreak. Fewer people are traveling, reducing fuel usage.

What a week

Despite Friday’s selloff, stocks are right around where they closed last Friday, and they could still end the week positive. That’s how crazy the past few days have been. Tuesday’s near-800-point drop in the Dow was sandwiched by two gains of more than 1,100 points on Monday and Wednesday. Thursday, the Dow fell by almost 1,000 points.

The push and pull has sent investors into a tizzy. Coronavirus has upended some of the world’s largest economies, and no one knows how long the downturn will last. Some central banks, including the US Federal Reserve, have responded with economic stimulus, but the Fed’s surprisingly large emergency rate cut this week unnerved investors.

They worry that no monetary policy action can make coronavirus-averse consumers want to travel or go out to concerts or malls. The Fed can’t force sick workers back to factories or offices.

“Does coronavirus negatively impact the supply chain, cause massive demand uncertainty in the near-term around consumers/enterprises, and ultimately add a major risk profile to valuations?” asked Dan Ives, analyst at Wedbush Securities, in a note to investors Friday morning. “The answer is a clear YES.”

As Friday morning proves, stocks may have plenty of ground left to give up before coronavirus fears subside.