Friday’s moves were in line with the hyperactive trading on display all week. S&P 500 futures spiked 5 percent, triggering the New York Stock Exchange’s “limit up” brake that’s designed to temper excessive optimism and ensure orderly trading at the open. On Thursday, Wall Street’s had its worst trading day since the 1987 crash. The brutal sell-off came even as central banks around the world moved to shore up the economy against coronavirus fallout, which has battered global markets for weeks and disrupted many facets of daily life.

“The day-to-day volatility is a sign that investors don’t know what to do,” David Donabedian, chief investment officer of CIBC Private Wealth Management, wrote in commentary Friday.“ People are casting about so the period of extraordinary volatility is probably not over. Until we see more calm in the market, and better news on the path of COVID-19, a sustained recovery in markets is unlikely.”

Emergency action by the Federal Reserve to free up $1.5 trillion to smooth operations of the massive U.S. Treasury market and an Oval Office speech from President Trump outlining the beginning of the White House’s response to the U.S. outbreak sent investors into complete panic Wednesday, resulting in a jaw-dropping 10 percent decline for the Dow and the week’s second forced halt to trading.

Wall Street’s stunning meltdown over the past month has erased most of the stock market gains since Trump’s surprise election in November 2016. At its Feb. 12 peak, the Dow had climbed more than 61 percent; by Thursday’s close, that number had been shaved to roughly 11 percent.

“The coronavirus likely tips us into a recession because we were hit with a one-two punch from the virus,” said Dan Niles of AlphaOne Capital Partners, a San Francisco hedge fund. “It is both demand and supply destruction, unlike 9/11 or the tech bubble bursting, which was just demand.”

Asian markets were gutted by losses Friday, with Japan’s Nikkei 225 shedding more than 6 percent, while Hong Kong’s Hang Seng Index closed down about 1.1 percent. But European markets shared in the rebound after one of their worst days in history, boosted by intervention plans from the European Central Bank. The benchmark Stoxx 600 index was up 4.4 percent in midday trading. Earlier this week, the World Health Organization designated the coronavirus a global pandemic. The disease has sickened more than 135,000 worldwide and killed nearly 5,000. And after months of edging closer, the coronavirus has taken root throughout the United States and upended daily life for the foreseeable future.

President Trump on protecting cruise industry: ‘We’re with them all the way’ President Trump appeared to confirm his administration’s commitment to helping the cruise industry mitigate the financial impact of the coronavirus Friday, despite mounting criticism over whether he is singling out certain industries for protection. White House officials are considering special measures to protect parts of the economy being hit particularly hard by the outbreak, including the cruise, hospitality and airline industries. Senior administration officials have considered providing targeted tax relief for these industries or offering low- or zero-interest loans. Treasury Secretary Steven Mnuchin denied that any of these plans amounted to a “bailout,” but critics point out that the White House is considering financial measures that would only benefit certain firms. “We’re with them all the way. It’s a great business … I know how important they are to the country,” Trump said in remarks at the White House, adding that the cruise line business “was obviously hit very hard.” Edwin Dallow, one cruise owner, said his company stands to lose upward of $30 million in business over the next two months. Mnuchin and House Speaker Nancy Pelosi (D-Calif.) are hammering out an emergency coronavirus spending package that does not have provisions aimed at protecting certain industries, according to two people who spoke on the condition of anonymity to freely discuss the private negotiations. Support for industry groups is likely in future congressional aid packages that respond to coronavirus, these people said. By Jeff Stein AD AD

Trump’s emergency coronavirus declaration makes U.S. markets surge after wild day of trading The Dow Jones industrial average shot up nearly 2,000 points, about 10 percent. The Standard & Poor’s 500 and Nasdaq also surged more than 9 percent. It was Wall Street’s biggest rally since 2008. Friday’s moves were in line with the hyperactive trading on display all week. S&P 500 futures spiked 5 percent, triggering the New York Stock Exchange’s “limit up” brake that’s designed to temper excessive optimism and ensure orderly trading at the open. On Thursday, Wall Street’s had its worst trading day since the 1987 crash. The brutal sell-off came even as central banks around the world moved to shore up the economy against coronavirus fallout, which has battered global markets for weeks and disrupted many facets of daily life. Read more By Thomas Heath and Taylor Telford AD AD

International Cruise Food & Hotel Suppliers has already lost $10 million in business As the cruise industry reels from the coronavirus pandemic, the companies that supply food and beverage to the ships find themselves in a precarious situation: without travelers and crews to feed, they have no business. Edwin Dallow, the CEO of the South Florida company that caters to virtually every major cruise line — including Celebrity Cruises, Norwegian Cruise Line, Royal Caribbean International and Carnival, to name a few — said that his family-owned company stands to lose upwards of $30 million in business over the next two months, should cruise ships continue to be sidelined. Already, the business, International Cruise Food and Hotel Suppliers, Inc., has seen a 10 percent reduction in sales, about $10 million, after the food he supplies to cruises departing from southeast Asian and European ports was refused by cruise companies that had cancelled planned sailings.“They are basically re-routing all those containers that were already at sea or about to leave,” said Dallow, who’s headed International Cruise Food since 2012. “Obviously, you know, we’re going to feel that ... we’re going to get hurt, because those are orders that have basically been canceled.” Read more AD AD

The toilet paper shortage is real. But it should be brief. Adding to the nation’s long list of worries sparked by the novel coronavirus pandemic, the shortage of toilet paper is real. Store shelves in many places have been picked clean in recent days of single-ply and double-ply, single and jumbo rolls, the cheap stuff and the luxurious quilted squares, too. Anything will do in an emergency. Now, the lack of toilet paper in the United States has hit some Giant supermarkets and Costco stores. Amazon appeared to be down to single rolls of novelty toilet paper in some places Friday. The shortages appeared to be sporadic and regional, with the degree of local concern about the pandemic driving sales. But the nation’s lack of toilet paper is expected to be brief, according to interviews with retailers and manufacturers. The sudden surge in demand is expected to subside and the supply will continue to grow as companies keep making toilet paper. About 90 percent of the toilet paper sold in the U.S. is made here, too, according to industry data. Read more By Todd Frankel AD AD

Businesses were already hurting under Trump’s trade war. Then came coronavirus. Jay Foreman laid off a dozen workers late last year as his toy company, Basic Fun, stared down a round of China tariffs that were supposed to take effect in mid-December. Foreman dodged those levies when President Trump announced a “phase one” agreement with Beijing. But Foreman stayed on guard, knowing that any rupture in the trade deal — or in the broader economy — could trigger a sudden blow. Then came the coronavirus. At first, Foreman worried about a supply-chain backlog as Chinese factories ground to a halt. Then, once manufacturing started coming back online, the U.S. economy went into free fall, and now Foreman isn’t sure whether his customers will keep their orders. Last week, he laid off 18 people. Given the outbreak’s shock factor, inconsistent government response and economic repercussions, Foreman summed up his situation bluntly: “This is like 9/11, Katrina and the financial crisis all condensed into one.” Relief cannot come soon enough for businesses already hurting amid Trump’s trade war. In mid-January, Trump signed a partial deal, but many American companies saw their tariff burdens unchanged. Tiffany Zarfas Williams, owner of the Luggage Shop of Lubbock in Texas, received no help from the trade deal. Williams said many luggage manufacturers are trying to source products out of Vietnam and India because of the trade war. But Williams worries that the quality of the products will slip. Raising prices to balance out the cost of the tariffs seems even less feasible now. Sales at her shop are already down 50 percent compared with last year. Normally, shoppers would be packing bags for spring break. Williams wonders who will be buying luggage anytime soon. Her company used to have five employees. One recently left, and Williams said she is not going to fill that empty slot. She was looking forward to replacing her shop’s computer system. Now that’s on hold. “How can things change so quickly?” Williams said. “It definitely is a double whammy when you put this on top of the tariffs.” By Rachel Siegel AD AD

Customer traffic dries up for small businesses across the country As daily routines shut down in Washington, D.C. and beyond, customers are disappearing for the small businesses that make up 44 percent of the U.S. economy. Coffee shops and lunch spots near the K Street corridor say business is down by as much as 40 percent as office workers stay home. The problems are most acute for those that rely on foot traffic and social gatherings, but the National Federation of Independent Business says entrepreneurs in all sectors are feeling pain. John Bailey, the owner of a charter-bus company employing 50 people in York, Pa., said 50 groups have cancelled trips in the last week, with more to come as college sports, schools and universities shut down. He anticipates the disruption will cost his company hundreds of thousands of dollars. After the Sept. 11 terrorist attacks, business dried up for about three weeks, and then things rebounded, Bailey said. “With this one, there’s no end date,” he said. The Small Business Administration said this week it’s ready to provide low-interest loans of up to $2 million to small firms hurt by the coronavirus outbreak. Read more By Jeanne Whalen AD AD

U.S. oil producers will shave 2020 spending as they prepare for production cuts American oil producers say they will slice capital spending by nearly a third for the rest of the year as they contend with the Saudi-Russian price war that is unfolding against the backdrop of the coronavirus pandemic. U.S. and global oil demand is expected to decline from 2019 levels. The cost per barrel was in retreat much of the week before showing signs of life on Friday. U.S. companies have been quick to cut new rigs in the shale regions, but it will take some time for those moves to be reflected in oil production statistics. An analysis released Friday by Goldman Sachs predicted that U.S. production would fall by more than 1 million barrels a day — but only by the second half of 2021. The biggest slumps are expected in the Bakken fields in the Northern Plains and in the Eagle Ford region in South Texas. But consumption also will decline, given what happened in China during the outbreak. China is already starting to see an uptick in demand. What’s unclear is how much longer it will take the United States and Europe, with less authoritarian governments, to fend off the pandemic and see their economies recover. It’s a very different picture for Pennsylvania natural gas producers: Fewer oil wells in North Dakota and Texas means less “associated gas,” which is extracted along with the petroleum. That could dent the current natural gas glut and prop up prices for the Pennsylvania shale companies. By Will Englund AD AD

Analysis: The U.S. may already be in a recession - and it could extend past the coronavirus crisis America is shutting down at lightning speed as schools and businesses instruct people to go home and wait the coronavirus out. That is having a massive ripple effect on the economy as people curtail spending on about everything but toilet paper, pasta and hand sanitizer. The pace at which all of this is happening is unprecedented. In 2008, it took 274 days for the stock market to enter the dreaded “bear market” territory. It took just 24 days to enter the current one. JPMorgan just changed its forecast to predict a recession in the first half of the year (a recession is two quarters of negative growth). Economists and big Wall Street investors nearly all agree that the nation has to do whatever it takes to get the public health crisis under control, even if that means putting the economy into a recession. The hope was that a downturn would be short-lived. Until only a few days ago, most economists were talking about a “V” or “U” shaped situation with a quick drop this spring that would be followed by a massive rebound this summer as cooped up Americans rush back into “normal” life. Read more By Heather Long AD AD

New York Stock Exchange sets up coronavirus contingency plans The New York Stock Exchange — a center of global finance — is implementing safeguards against the coronavirus to ensure that stock trading continues at 11 Wall Street. “They are doing what everyone else is doing,” said Kenny Polcari, chief market strategist at SlateStone Wealth and a 38-year veteran of the trading floor. “They have separated the NYSE staff from the trading floor staff to limit cross-contamination. Nothing has changed, other than there are almost no outside visitors.” In the event of an outbreak, “we can clean the floor and reopen pretty quickly,” NYSE president Stacey Cunningham told CNBC, and noted that “we could trade fully electronically.” Separate entrances and eating spaces have been designated to limit interactions between people in the building, Reuters reported. Cleaning efforts have been intensified and visitors have been kept to a minimum. By Thomas Heath

Wall Street volatility can trigger trading stoppages for both big gains and losses The wild fluctuations on Wall Street this week have been so extreme that they’ve triggered the New York Stock Exchange’s trading limits for both positive and negative swings. After the Dow Jones industrial average’s worst day of trading in more than 30 years, investor optimism surged overnight — so much that Dow and Standard & Poor’s 500 futures were halted after they hit 5 percent, through the “limit up” mechanism. Established in April 2011, this safeguard allows the NYSE to keep trading within specified price bands, to ensure the market’s open isn’t overly emotional or chaotic. The Dow soared more than 1,200 points at Friday’s open, after futures trading was halted, but gave up most of those gains by noon. When a coronavirus-sparked panic and possible oil price war overwhelmed Wall Street on Monday and Thursday, the ensuing sell-offs were severe enough to trigger the NYSE’s “circuit breaker” system. The system is meant to stop stocks in free-fall when they threaten to “exhaust market liquidity,” according to the NYSE. Circuit breaker rules, which apply only during regular trading hours, stipulate that a single-day, 7 percent decline in the Standard & Poor’s 500 index will trigger a 15-minute halt on trading. A second 15-minute break is mandated if those losses grow to 13 percent. Hitting the final threshold, a 20 percent, would shut down markets for the day. The circuit breaker thresholds were established in 2013, as part of an overhaul of a previous system that failed to prevent the 36-minute, trillion-dollar flash crash in May 2010. The original system was put in place after 1987′s “Black Monday,” when a market plunge wiped out $500 billion in a single day — then the biggest single-day drop in history. By Taylor Telford

From Broadway to Hollywood, a flurry of cancellations and delays A dizzying array of cancellations and postponements began to fly in the entertainment industry as Hollywood executives sought to limit public gatherings and protect employees in the wake of concerns about the novel coronavirus. High-profile films, Broadway shows and broadcast-network events have been postponed or canceled as the entertainment business began to impose a “cancel-everything” policy on its events. Disney is shuttering Disneyland in Southern California through the end of the month and indefinitely postponed the release of “Mulan,” its live-action reboot of the animated adventure that had been scheduled for late March. “A Quiet Place Part II,” a much-anticipated sequel due out next week, and “F9,” the Fast and Furious sequel, are also on hold. Broadway, which had been saying it would push forward with shows, finally said it would go dark after New York’s governor banned gatherings of 500 people or more. Read more By Steven Zeitchik

Inside Delta Air Lines’ command center the week the coronavirus escalated to a pandemic As airlines race to protect crews and customers from a coronavirus outbreak — and their bottom lines from flight disruptions and other economic impacts, Jena McGregor goes inside Delta Air Lines’ command center in Atlanta. The same command center has been used to manage hurricanes, past infectious outbreaks such as H1N1, and the airline’s response to the Sept. 11, 2001, terrorist attacks. But veteran Delta executives said the widening coronavirus outbreak is unfolding on an entirely different level. Among the challenges, face masks: A shipment of 500,000 was on its way, but delayed after part of the order was stolen off a supplier’s truck, supply chain manager Scott Boyd said the vendor told him. “By the end of the week Minneapolis will have more masks in their warehouse,” he said. “The truck was broken into, but they assured me 250,000 are still coming.” The airline is pulling blankets and pillows from all domestic flights. This was done, an executive explained, “to make sure cleaners are focused on surfaces customers are directly in contact with.” Read more By Jena McGregor

Trump may suspend student loan payments during coronavirus outbreak, treasury secretary says President Trump may temporarily suspend student loan payments as part of his administration’s efforts to mitigate the economic impact of the coronavirus, Treasury Secretary Steven Mnuchin said Friday. Mnuchin said economic advisers to the president are presenting Trump with a list of about 50 measures he can take to stem the growing fallout from the outbreak, including a cessation of student debt payments for a brief period of time. “That’s on our list of 50 different items we are bringing to the president for a decision. That is something we are looking at,” Mnuchin told CNBC. “I can assure you the president is all about action, action, action.” The Treasury Department did not immediately return requests for clarification about how the program would work. The Education Department could suspend federal student loan payments and accruing interest, using the same authority Sen. Elizabeth Warren (D-Mass) said she would employ to cancel education debt. “We’re working with our interagency partners on the best approach to the student loan portfolio during this time,” Angela Morabito, a spokeswoman for the Education Department, said in an email. Many federal student loan programs already permit deferment or forbearance on loans under certain circumstances, but doing so typically results in increased balances as interest accumulates. About 44 million Americans have student loan debt, and if they are laid off or see their hours cut due to the coronavirus outbreak, they may be forced to increase their overall student loan burdens. They may also try to meet their payments to avoid a penalty, but as a result, reduce spending on other necessities. Coronavirus live updates Some Democrats have called for a cessation of loan payments. The administration has already said it is considering low- or zero-interest loans for industries such as hospitality and travel that have been hit hard by the coronavirus-related downturn. The idea would probably be supported by congressional Democrats. Rep. Alexandria Ocasio-Cortez (D-N.Y.) on Twitter floated suspending student debt payments during the coronavirus outbreak. She and other liberal lawmakers such as Sen. Bernie Sanders (I-Vt.) have called for outright canceling the entire $1.6 trillion student loan burden in America. “Plenty of industries affected by the coronavirus are in Washington asking for a bailout, but student debtors have to keep making payments even if their hours are cut,” said Marshall Steinbaum, assistant professor of economics at the University of Utah and an expert in student debt. “In the 2008-2009 financial crisis, we bailed out the banks but not households. … Let’s not do that again.” The Trump administration will have to wrestle with whether to set a precedent that could increase pressure to take bolder steps to help Americans burdened with student loans. Suspending loan payments, however, could prove useful in the president’s bid for reelection. Last year, Trump demanded aides present a plan to tackle student debt and the rising cost of college education, worrying that he has nothing that could compete with the expansive plans from Democrats vying for the office. By Jeff Stein and Danielle Douglas-Gabriel