Stocks wrap up worst week since 2008

Stocks sank again Friday after another wild day on Wall Street, extending a rout that handed the market its worst week since October 2008 at the height of the financial crisis.

The market clawed back much of its intraday losses in the last 15 minutes of trading as some buyers emerged, keeping the indexes from another steep plunge.

The Dow Jones industrial average swung back from an early slide of more than 1,000 points to close down 357.28 points, or 1.4%, at 25,409.36. The S&P 500 slid 24.54 points, or 0.8%, to 2,954.22, and is now down 13% since hitting a record high just 10 days ago. The Nasdaq reversed an early decline and actually rose 0.89 points, or less than 0.1%, to 8,567.37. The Russell 2000 index of smaller company stocks lost 21.40 points, or 1.4%, to 1,476.47.

The market’s losses moderated somewhat after the Federal Reserve released a statement saying it stood ready to help the economy if needed. Investors increasingly expect the Fed to cut rates at its next policy meeting in mid-March.

Global financial markets have been rattled by the virus outbreak that has been shutting down industrial centers, emptying shops and severely crimping travel all over the world. More companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales. Governments are taking increasingly drastic measures as they scramble to contain the virus.

The rout has knocked every major index into a “correction,” or a fall of 10% or more from a peak. The last time that occurred was in late 2018, as a tariff war with China was escalating. Market watchers have said for months that stocks were overpriced and long overdue for another pullback.

Bond prices soared again as investors sought safety and became more pessimistic about the economy’s prospects. The yield on the 10-year...