S&P 500 drops for 7th day, posts biggest weekly fall since 2008 crisis

The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day's session.

The Dow Jones Industrial Average fell 356.88 points, or 1.39 per cent, to 25,409.76, the S&P 500 lost 24.7 points, or 0.83 per cent, to 2,954.06 and the Nasdaq Composite added 0.89 points, or 0.01 per cent, to 8,567.37.