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S&P 500 Sinks to Three-Year Low; Oil Tumbles: Markets Wrap

  • Trading volumes unusally heavy as options, futures expire
  • Precious metals advance; European, Asian shares gain
Bloomberg business news
Ariel's Rogers Is 'Nibbling' at Adding to Investments, 'Loves' KKRSource: Bloomberg
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U.S. stocks dropped to cap the worst week for equities since the global financial crisis amid dire warnings about the economic effects of the coronavirus pandemic and as governments stepped up efforts to keep people at home.

The S&P 500 Index tumbled to its lowest in three years, ending the week down 15% as the European Union said the recession this year may be as bad as 2009, and Goldman Sachs warned the U.S. economy may shrink 24% on an annualized basis in the second quarter. Oil sank as governments around the world imposed restrictions on movement to slow the disease’s spread, bringing its weekly decline to 29%.