Growing investor concern due to the potential economic fallout from the coronavirus epidemic pushed U.S. stocks to their worst-performing week since the financial crisis of 2008. The 10-year Treasury yield fell to its all-time low, as flight to safety trades increased demand for cover during turbulent stock market performance affected high-rated fixed-income investments. The Nasdaq Composite dropped to -3.5% during Friday’s trading session before closing slightly positive for the day. The index’s swing off the lows was the most it has fallen and then recovered in a single day’s session since November 2008, according to Dow Jones Market Data. Fed Chairman Jerome Powell released a statement during the latter end of Friday’s trading session, signaling the Federal Reserve was prepared to cut interest rates in an attempt to shield the economy from any potential damages that may arise from the increasing risks associate with the coronavirus.
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