An early rally on Wall Street fizzled out Friday after New York's governor ordered all non-essential workers to stay home to stem the spread of the coronavirus pandemic. That announcement following a similar move by Caifornia wiped out investor optimism over the Senate Republicans' $1 trillion stimulus package. It capped Wall Street's worst week since 2008.
Mercadien Asset Management president Ken Kamen worries that the coronavirus cases will keep rising and roilng the markets.
SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING:
"I do think it's logical to think we'll get some bounce back in the market as people start to believe social distancing might be working. My concern is we'll have another wave of it when people start going back out to restaurants, and then we might get another wave again."
The Dow lost more than 900 points to fall back below 20,000, and the S&P 500 declined over 4%. The S&P has been unable to mount back-to-back rallies since mid February. For the week, the S&P 500 lost 15%.
The fiscal and monetary measures taken around the globe to shore up economies boosted shares of hard-hit travel and leisure companies. Cruise lines, hotels and gaming resorts bounced back with double digit gains (reconfirm at day's end). The list of gainers included Carnival, Norwegian, Marriott and MGM.
Oil prices dropped after Thursday's record spike. But investors scooped up badly beaten energy stocks, making them the top performing sector Friday.