Australian Stocks Enter Correction in Worst Week Since 2008
Australia’s benchmark equity index sunk for a sixth straight session on Friday and slid into a correction amid a global stock sell-off spurred by worries over the coronavirus.
The S&P/ASX 200 index fell 3.3% to close at 6,441.2, the largest one-day decline since Sept. 2015, and closed more than 10% lower from its record on Feb. 20.
Australian shares saw their worst week since the financial crisis in 2008 as investors fretted about the impact on the global economy from the spreading virus. The index shed 9.8% over the last five days.
Friday’s plunge comes after the S&P 500 and the Stoxx Europe 600 both entered correction territory on Thursday.
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