Stocks Slide Further as COVID-19 Concerns Remain

U.S. stocks opened sharply lower on Friday as investors digested the potential disruptions from the COVID-19 outbreak. The Dow Jones Industrial Average lately retreated 722.67 points, or 2.77%, to 25,398.61. The S&P 500 slipped 83.25 points, or 2.75%, to 2,940.69. The Nasdaq Composite fell 218.28 points, or 2.50%, to 8,520.32.

Oil futures fell sharply Friday as Russia balked at a call by the Organization of the Petroleum Exporting Countries for additional production cuts and as investors again flee assets perceived as risky on worries over the economic impact of the global spread of COVID-19. West Texas Intermediate crude for April delivery dropped $2.04, or 4.6%, to $43.86 a barrel. May Brent crude was down $1.95, or 3.9%, to $48.02 a barrel.

The February jobs report reflected much better than expected job gains and an unemployment rate back at a 50-year low. The economy added 273,000 new jobs for the second month in a row. The unemployment rate was down to 3.5% from 3.6%.