CHICAGO (WBBM NEWSRADIO) -- Stocks closed lower Friday, but clawed back from much bigger losses earlier in the session, as concerns over the fast spreading coronavirus and its impact on the global economy weighed on investor sentiment.
A pledge by Fed Chair Jay Powell, that the central bank will "act as appropriate" to support the economy during the coronavirus outbreak, gave markets some relief.
The S&P 500 lost 24, the NASDAQ gained just under a point and the Dow Jones Industrial Average closed down 357 points, settling to 25,409.
“This is a completely different animal than anything else, obviously, we have faced, maybe ever," Jim Welsh, Marco Strategist and Portfolio Manager at Smart Portfolios, said Friday.
"Human behavior is going to change, and one of the ways to combat the spreading of this virus, is for staying out of crowded areas, and that's going to have a negative impact on economic growth."
He also said that he believes the coronavirus news will continue to get worse and that we are going to have to deal with further fallout.