Stocks Opened Sharply Lower, Extending Historic Selloff

U.S. stocks opened sharply lower on Friday, extending historic rout, as investor fears heightened over the degree of damage the fast-spreading COVID-19 virus may wreak on the global economy. The Dow Jones Industrial Average lately fell 717.57 points, or 2.78%, to 25,049.07. The S&P 500 dropped 78.90 points, or 2.65%, to 2,899.86. The Nasdaq Composite retreated 210.81 points, or 2.46%, to 8,355.67.

Oil futures extended a steep selloff Friday, as fears the spread of the COVID-19 epidemic around the world will significantly dent demand for crude. West Texas Intermediate crude for April delivery dropped $1.40, or 3%, to $45.69 a barrel. May Brent crude dropped $1.11, or 2.1%, to $50.61 a barrel.