Stocks sink again, heading for the worst week since 2008

NEW YORK (AP) - Stocks sank again on Wall Street, pushing the S&P 500 index down another 2.7% and putting the market on track for its worst week since October 2008.

Trader Fred DeMarco works on the floor of the New York Stock Exchange, Friday, Feb. 28, 2020. Global stock markets are falling further on spreading virus fears. | Source: AP Photo / Richard Drew

Bond prices soared again as investors sought safety, pushing yields down further into record-low territory.

The weeklong rout is being driven by fears that the spreading coronavirus will derail the global economy.

The losses moderated somewhat after the Federal Reserve said the economy was still strong and that it stood ready to help the economy if needed. The S&P 500 has lost 14.5% since hitting a record high just 10 days ago.

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