The price war has been plunging again as there is a price war
The prices of oil have again plunged as there is a price war which has been going on between Russia and Saudi Arabia while the stock market losses had been accelerated after the governor of New York had ordered the workforce of the state to stay home. This was done to prevent the pandemic of coronavirus from spreading and the conditions worsening in the city which has already been hit severely.
The Dow Jones had been falling by close to 2.2% which was close to the 500 points on this Friday, while S&P 500 had dropped the 2.5 % and Nasdaq Composite which had lost the 2%.
The Dow had fallen by over 17% in the week. This is the worst week which has been there since the year 2008 crisis of the financial crisis and even worse than sell off of the last week while the S&P 500 had lost more than 13% and the NASDAQ more than the 10%
The Dow has currently is sitting at the level of 19,174 below levels where it had been when Trump had inaugurated it at 19,827. This means that each of the stock market gains in the presidency of Trump which has been touted by him as a result of the leadership have been wiped of completely.
It has indeed been a week which is unprecedented for the volatility of the market with the massive swings daily in both of the directions. The index has been gauging the fear on the Wall Street which has been posting their highest close ever.
There were slight gains when the market opened on this Friday as the stocks fell after the slate of the news, there was a statewide order of stay at home.