The Dow Jones Industrial Average plummeted more than 500 points on Friday, as financial markets continue to plummet on uncertainty over the spread of the novel coronavirus.

The Dow suffered its worst week since the financial crash of 2008.

The S&P 500 and Nasdaq similarly declined Friday, both opening down by nearly 2%.

The plunge comes as the U.S. Food and Drug Administration announced it’s been alerted to the first manufacturing shortage of a drug due to a viral coronavirus outbreak that began in China and has now reached American soil.

Officials also warned Americans earlier this week to prepare for community spread of coronavirus in the U.S., and companies have warned investors of supply chain issues related to the outbreak.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Trump says he will ban TikTok app in the United States

WASHINGTON (Reuters) – U.S. President Donald trump said on Friday that he was planning to sign an executive order as soon as Saturday banning Chinese-owned short-video app TikTok from the United States. The move would be the culmination of U.S.…

Gold’s Fading Glitter: What the Price Slump Means for the World

The drop in gold price to five-year lows has battered the yellow metal’s traditional status as a safe haven in times of trouble. With China’s stock market tanking, Europe’s “Grexit” crisis, war raging in the Middle East and massive money…

Online shopping can be worse for the environment than driving to a store

New York (CNN Business)If you think shopping online is more eco-friendly than driving to a store, think again. It may sound counterintuitive, but the more eco-conscious way to shop is going to a physical store rather than by making purchases…

Disney could take a $280 million hit from its Chinese parks because of the coronavirus and protests

Hong Kong (CNN Business)Disney has warned that profits from its parks in China could drop by $280 million in the current quarter, due to shutdowns caused by the coronavirus and a loss of business related to recent mass protests in…