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

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.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Sign up

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.