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U.S. Stocks Fall With Crude on Economy Worries: Markets Wrap

  • S&P 500 sinks 5%, paring drop that almost reached 10%
  • Dollar gains for seventh day; industrial metals, gold decline
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WATCH: Markets won’t calm down without more visibility on the scale of the virus fallout, says BlackRock’s Jean Boivin.Source: Bloomberg
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Financial markets spasmed, sending U.S. stocks down more than 5% and Bloomberg’s dollar index up to a record, as the economic fallout from the pandemic outpaced the massive response from governments and central banks.

The S&P 500 fell as much as 9.8%, before a late-session bounce trimmed the decline, with investors craving more government spending to offset the impact from the virus.