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Stocks post worst week since financial crisis despite aid hopes

U.S. stocks dropped Friday, capping their worst week since the height of the financial crisis as investors remained jittery about the direction of the economy despite hopes for government and central bank action to combat the coronavirus pandemic. 

The Dow Jones industrial average tumbled 913.21 points to close at 19,173.98, falling back below 20,000 after wild price swings over the past week. The Standard & Poor’s 500 fell 4.3% to end at 2,304.92. The Nasdaq Composite lost 3.8% to close at 6,879.52.

For the week, the Dow dropped more than 17%, its worst one-week percentage drop since October 2008.

Stocks erased early gains after Gov. Andrew Cuomo of New York, a hotspot for coronavirus cases, banned all non-essential travel, mandated non-essential personnel stay at home and required all businesses to shutter if they do not fit specific criteria.

Despite the latest bout of selling, hopes remain that there will be progress in finding virus treatments.

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