Stocks fell Friday ending a volatile week after the United Kingdom joined New York in instituting lockdown measures in an effort to combat the spread of the coronavirus.
U.K. Prime Minister Boris Johnson told cafes, bars and restaurants to close Friday evening and not open Saturday. Earlier Friday, New York Gov. Andrew Cuomo ordered all workers at non-essential businesses across New York state to stay home in an effort to combat the spread of the virus.
California went into lockdown Thursday evening.
President Trump, meanwhile, said non-essential travel will be suspended across the U.S. and Mexico border.
The Dow Jones Industrial Average finished down 913 points, or 4.55%, to 19,173, the S&P 500 declined 4.34% and the Nasdaq gave up 3.79%.
Stocks fell despite global central banks and governments launching massive stimulus measures to soften the blow from the harsh economic impact of the coronavirus pandemic.
Stock markets were looking at the worst trading performance since 2008
The Dow industrials dropped 17.3% for the week. The S&P 500 lost 15% and the Nasdaq fell 12.6%.
The U.S. Senate has begun debating a stimulus plan of more than $1 trillion that would include direct financial help for Americans during the coronavirus pandemic.
The centerpiece of the package released by Senate Majority Leader Mitch McConnell includes tax rebates to individuals of $1,200 and $2,400 for married couples.
The legislation also provides $208 billion of loans for small businesses, $58 billion for the airline sector and $150 billion for other distressed areas of the economy.
Treasury Secretary Steven Mnuchin urged lawmakers to pass the legislation by Monday.
“We need to get this done Monday. The American public needs us to move forward,” Mnuchin said. “Our objective is to have Congress pass legislation on Monday and have the president sign it.
The number of confirmed global cases of the coronavirus has risen to 266,115, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 11,153. The death toll in Italy has surpassed that of China, where the outbreak began.
The U.S. has 16,638 cases of the virus and deaths have climbed to about 220.
California's 40 million residents were ordered to stay at home except for essential activities. The lockdown - the largest in the U.S. - began Thursday night.
The Senate stimulus bill would direct about $58 billion in loans and grants to the U.S. aviation industry. International airlines lobbyists have said the global sector needs some $200 billion in government support, while Boeing has asked for a "minimum" of $60 billion to safeguard 2.5 million jobs and its position as the country's biggest exporter.