Dow tanks 257 points, S&P 500 nearly erases weekly gain

Stocks dropped for the second day in a row on Friday as coronavirus volatility dragged risk-asset prices deeper into correction territory.

All major US indexes declined as the outbreak's infection count passed 100,000 and investors continued running to safe havens.

The S&P 500 sank as much as 4.1% before rallying into the close. It nearly erased all gains made earlier in the week.

US stocks dropped for the second session in a row on Friday as coronavirus woes continued to weigh on risk-asset prices and drive outsize volatility.

All major US indexes sank in Friday trading as the outbreak's infection count passed 100,000. Maryland declared a state of emergency on Thursday after confirming the state's first virus cases. Pennsylvania announced its first two speculative cases on Friday morning. President Donald Trump's signing of an $8.3 billion epidemic-relief package did little to calm the stock market's fears.

The S&P 500 nearly erased gains made earlier in the week but narrowly posted a gain for the five-day period.

The coronavirus that originated in Wuhan, China, has so far killed more than 3,400 people and spread to at least 93 countries.

Here's where major US indexes stood as of the market close on Friday:

S&P 500: 2,972.37, down 1.7%

Dow Jones industrial average: 25,864.78, down 1% (257 points)

Nasdaq composite: 8,575.62, down 1.9%

Coming Soon: 'What if this is the thing that brings it down?': A Wall Street investment chief explains how the stock market's coronavirus-induced sell-off could push the US into a recession

Friday's tumble arrived after a similar slump during the previous trading day. The S&P 500 ended Thursday down 3.4%, reentering correction territory after a small recovery at the beginning of the week. The benchmark index was set to close Friday with its most volatile week since 2011.

Central banks around the world have implemented emergency stimulus measures to curb economic damage from the outbreak. The Federal Reserve cut its benchmark interest rate by 50 basis points on Tuesday, but the move did little to soothe markets amid concerns of a global supply shock.

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