Stocks turn lower after New York tightens Coronavirus clampdown

Coronavirus

(AP Photo/Richard Drew)

NEW YORK, NY (AP) — Stocks turned lower Friday after New York became the latest major state to mandate that nearly all workers stay home to limit the spread of coronavirus.

The Dow Jones Industrial Average erased an early gain of 444 points and was down 140 points, or 0.7%, in early afternoon trading. The S&P 500 was down 1.4% after being up 1.8% earlier.

Major indexes are on track for heavy losses for the second week in a row after some punishing drops. Investors are weighing the likelihood that the global economy is entering a recession because of the massive shutdowns and layoffs caused by the outbreak.

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