US STOCKS-Wall St slips as New York toughens up for coronavirus battle

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* New York orders non-essential workers to stay at home
* Investors banking on more fiscal stimulus
* Battered airline stocks rebound
* Indexes off: Dow 0.81%, S&P 0.98%, Nasdaq flat

(Updates to early afternoon)
By Medha Singh and Sanjana Shivdas
March 20 (Reuters) - The S&P 500 and the Dow dipped in
choppy trading on Friday, as the New York state ordered all
non-essential workers to stay at home to contain the coronavirus
outbreak that has fueled the worst monthly rout in U.S. equities
in three decades.
The three main indexes made a short-lived attempt to build
on Thursday's gains as global policymakers turned on all the
taps to prop up financial markets reeling under four weeks of
heavy selling that ended Wall Street's record 11-year bull run.
Investors are now counting on further stimulus over the next
few days, as the Senate mulls a $1 trillion package that would
include direct financial help for Americans.
"These are really unprecedented times," said Ryan Giannotto,
director of research at GraniteShares in New York.
"The real problem is how long the quarantine will last.
(Now) people won't be asking what 2008 was like, they'll be
asking what 2020 was like."
Fears over the severity of the outbreak have wiped off
nearly 30%, or more than $8 trillion, from the value of the
benchmark S&P index since its record closing high on Feb. 19.
A Reuters poll of economists suggested the global economy
was already in recession, while analysts at U.S. stock market
index operator S&P Global said volatility across geographies and
asset classes was at record highs. Markets also faced "quadruple witching" on Friday, as
investors unwind positions in futures and options contracts
before their expiration.
At 1:24 p.m. ET, the Dow Jones Industrial Average .DJI was
down 163.33 points, or 0.81%, at 19,923.86, while the S&P 500
.SPX was down 23.72 points, or 0.98%, at 2,385.67. The Nasdaq
Composite .IXIC was down 4.75 points, or nearly flat, at
7,145.83.
AT&T Inc T.N tumbled 7.8% as the wireless carrier warned
the outbreak might have a material impact on financial results
and canceled a $4 billion share repurchase agreement.
Six of the 11 major S&P sectors were trading lower, with
consumer staples .SPLRCS and communication services .SPLRCL
leading the declines.
The airlines sector .SPCOMAIR rose 2% after losing more
than half its value since late February.
The energy sector .SPNY bounced 1.3% off its lowest levels
in nearly two decades, even as oil prices weakened. O/R
Advancing issues almost matched decliners on the NYSE and
the Nasdaq.
The S&P index recorded no new 52-week high and 42 new lows,
while the Nasdaq logged three new highs and 124 new lows.