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* New York orders non-essential workers to stay at home
* Investors focus on more fiscal stimulus
* Indexes off: Dow 2.6%, S&P 500 2.6%, Nasdaq 1.6%
(Updates to late afternoon)
By Caroline Valetkevitch
NEW YORK, March 20 (Reuters) - The S&P 500 and the Dow Jones
Industrial Average were down more than 2% on Friday, extending
the recent rout, as New York state ordered all non-essential
workers to stay home to try to contain the spread of the
coronavirus.
The market attempted earlier in the day 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 U.S. Senate mulls a $1 trillion package that
would include direct financial help for Americans.
"The bottom line here is the market is clearly actively
anticipating the fiscal stimulus plan. It's almost like we're
going to continue to be in these volatile swings until we get a
little more clarity on how large that plan is," said Ryan
Detrick, senior market strategist at LPL Financial in Charlotte,
North Carolina.
"It's becoming more and more clear - when you see what
California is doing and what New York just announced and when we
come in Monday it might be a lot more places - that the stimulus
plan needs to continue to increase."
New York and California imposed tough new restrictions,
limiting the activity of 60 million people in the two states to
curb the spread of the coronavirus and ordering all
non-essential workers to stay at home. New York
Governor Andrew Cuomo announced the action on Friday, while
California imposed further restrictions on Thursday.
Coronavirus fears have wiped off roughly 30%, or more than
$8 trillion, from the value of the benchmark S&P 500 index since
its record closing high on Feb. 19.
The Dow Jones Industrial Average .DJI fell 524.14 points,
or 2.61%, to 19,563.05, the S&P 500 .SPX lost 61.46 points, or
2.55%, to 2,347.93 and the Nasdaq Composite .IXIC dropped
115.13 points, or 1.61%, to 7,035.45.
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&T Inc T.N tumbled as the wireless carrier said the
outbreak might have a material impact on financial results and
canceled a $4 billion share repurchase agreement. The airlines sector < .SPCOMAIR> rose 1.9% after losing more
than half its value since late February.
Advancing issues outnumbered declining ones on the NYSE by a
1.12-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favored decliners.
The S&P 500 posted no new 52-week highs and 50 new lows; the
Nasdaq Composite recorded four new highs and 154 new lows.