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free falling

The Dow plunged a jaw-dropping 3,500 points this week

February 28, 2020
Scott Heins/Getty Images

Ongoing anxiety about the novel coronavirus just resulted in Wall Street's worst week since the financial crisis.

The Dow Jones Industrial Average plunged 3,583 points this week, sliding 12.4 percent for the biggest percentage drop in a week since 2008, CNN reports. Additionally, the S&P 500 had its worst week since 2008, plunging 11.5 percent. As with the Dow, that's the biggest percentage drop for the S&P 500 in a week since October 2008.

The Dow's 3,500 point drop, CNBC notes, is "far and away its largest weekly point loss ever." On Thursday, the Dow plunged 1,190 points, the biggest one-day point drop in history.

On Friday, Federal Reserve Chair Jerome Powell in a statement said the "fundamentals of the U.S. economy remain strong" but that "the coronavirus poses evolving risks to economic activity," and the Federal Reserve "will use our tools and act as appropriate to support the economy." White House National Economic Council Director Larry Kudlow told Fox Business on Friday "our economy is holding up very well," during a segment in which a graphic directly next to him showed the Dow continuing its slide. Brendan Morrow