US stocks took yet another nosedive this week, with the Dow Jones Industrial Average Index (DJIA) closing on Friday at more than 250 points in the red.

Traders attempted to get a handle on massive sell-offs brought on by concerns of the COVID-19 Corona-virus’s impact on the US and global economies.

The DJIA closed out the week with a fall of 256.50, and the S&P 500 dropped by 51.57 points. The Nasdaq Composite wrapped up the day with a loss of 162.98 points.

Friday’s closing figures add to a two-week whirlwind for Wall Street, which has experienced gains of more than 1,000 points twice amid several daysworth of massive losses on the trading floor.

Despite the US government’s repeated attempts to quell fears over the increasing amounts of confirmed COVID-19 cases and associated fatalities, efforts such as cuts to interest rates and emergency spending bills, have not proven to be sufficient.

The Labor Department revealed Friday in a newly released report that the US economy had exceeded its expectations and added a total of 273,000 jobs in February; however, the news did little to swing trading figures into the green.

As of Friday afternoon, COVID-19 Corona-virus infections in the US have led to the deaths of at least 15 individuals – 14 of which were recorded in Washington state and one in California.

Recently, in the USA, new cases have emerged in Florida, Maryland, Pennsylvania and Colorado, among other states.

Sputnik / ABC Flash Point News 2020.

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08-03-20 11:22

US hegemony on the brink of collapse?