By ALEX VEIGA and DAMIAN J. TROISE

AP – 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 around 350 points lower. The S&P 500 fell 0.8% and is now down 13% since hitting a record high just 10 days ago. The Nasdaq reversed an early decline to finish flat.

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 what market watchers call 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. That pushed yields to more record lows. The yield on the 10-year Treasury note fell sharply, to 1.14% from 1.30% late Thursday. That’s a record low, according to TradeWeb. That yield is a benchmark for home mortgages and many other kinds of loans.

Crude oil prices sank 4.9% over worries that global travel and shipping will be severely crimped and hurt demand for energy. The price of benchmark U.S. crude has now fallen 15% this week.

“All this says to us is that there are still a lot of worries in the market,” said Gene Goldman, chief investment officer at Cetera Financial Group. “We need the Fed to come out and say basically guys, we got your back.”

Traders have been growing more certain that the Federal Reserve will be forced to cut interest rates to protect the economy, and soon. Goldman said the Fed’s current lack of action amounts to a tightening of rates compared with other nations and their actions to offset the impact of the coronavirus.

Investors now widely expect the Fed to cut interest rates by a half-point at its meeting that winds up March 18. According to data from the Chicago Mercantile Exchange’s Fedwatch tool, the expectations for a half-point cut jumped from 47% just before the Fed’s statement was released to 60% by the close of trading.

The damage from a week of almost relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583 points, or 12.4%. Microsoft and Apple, the two most valuable companies in the S&P 500, lost a combined $300 billion. In a sign of the severity of the concern about the possible economic blow, the price of oil sank 16%.

The latest losses have wiped out the S&P 500′s gains going back to October. The benchmark index is still up 6.1% over the past 12 months, not including dividends.

The sell-off follows months of uncertainty about the spread of the virus, which hit China in December and shut down large swaths of that nation by January. China is still the hardest hit country and has most of the 83,000 cases worldwide and related deaths.

Uncertainty turned into fear as the virus started jumping to places outside of the epicenter and dashed hopes for containment.

“Fear is a stronger emotion than hope,” said Ann Miletti, head of active equity at Wells Fargo Asset Management. “This is what we’re seeing today and this week and over the past seven days.

Airlines have suffered some of the worst hits as flight routes are cancelled, along with travel plans. Big names like Apple and Budweiser brewer AB InBev are part of a growing list of companies expecting financial pain from the virus. Dell and athletic-wear company Columbia Sportswear are the latest companies expecting an impact to their bottom lines.

Cruise operators have also been hard hit, with shares sinking 30% or more as shipboard infections rose. But those companies were having a far better day Friday, with some on Wall Street believing that the sell-off was overdone. Shares of Royal Caribbean Cruises rose 4.4%, while Norwegian Cruise Line Holdings gained 7.3%. Carnival’s shares climbed 5.1%.

A big concern investors have is that the stock market rout could have a psychological effect on consumers, making them reluctant to spend money and go to crowded places like stores, restaurants and movie theaters.

The late-2018 stock market plunge, for instance, derailed holiday sales that year. Now, analysts are worried that the latest stock swoon could cause consumer spending — which makes up some 70% of the economy and has played a huge role in keeping the U.S. expansion going — to contract again.

Craig Johnson, president of Customer Growth Partners, a consumer consultancy, says he had expected annual retail sales to be up 4.1%, but he now says it could increase just 2.2% if the impact of the new virus in China persists beyond April.

‘’This is a moving target right now,”’ he said. ’’There is a lot of uncertainty.”

Many companies face the prospect of crimped financial results with their stocks already trading at high levels relative to their earnings. Before the virus worries exploded, investors had been pushing stocks higher on expectations that strong profit growth was set to resume for companies after declining for most of 2019.

Nearly 60 nations representing every continent, except Antarctica, have confirmed cases. The virus outbreak has prompted a wide range of reactions from nations hoping to contain its spread and economic impact.

The Geneva auto show was cancelled as Swiss authorities banned large events of more than 1,000 people. Parts of Italy’s northern industrial and financial center remain under quarantine.

MARKET ROUNDUP:

The Dow fell 357.28 points, or 1.4%, to 25,409.36. The S&P 500 slid 24.54 points, or 0.8%, to 2,954.22. The Nasdaq 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.

In commodities trading, benchmark crude oil fell $2.33 to settle at $44.76 a barrel. Brent crude oil, the international standard, dropped $1.66 to close at $50.52 a barrel. Wholesale gasoline fell 2 cents to $1.39 per gallon. Heating oil was unchanged at $1.49 per gallon. Natural gas fell 7 cents to $1.68 per 1,000 cubic feet.

Gold fell $75.90 to $1,564.10 per ounce, silver fell $1.27 cents to $16.39 per ounce and copper fell 2 cents to $2.55 per pound.

The dollar fell to 108.42 Japanese yen from 109.95 yen on Thursday. The euro weakened to $1.0967 from $1.0987.

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AP Retail Writer Anne D’Innocenzio and AP Business Writer Stan Choe contributed.

By MATT SEDENSKY and JON GAMBRELL

BANGKOK (AP) — Saudi Arabia cut travel to Islam’s holiest sites, South Korea toughened penalties for those breaking quarantines and airports across Latin America looked for signs of sick passengers Thursday as the new virus troubled a mushrooming swath of the globe.

With the illness pushing its way into a sixth continent and the number of sick and dead rising, the crisis gave way to political and diplomatic rows, concern that bordered on panic in some quarters, and a sense that no part of the world was immune to the disease’s spread.

“Viruses don’t know borders and they don’t stop at them,” said Roberto Speranza, the health minister in Italy, where northern towns were on army-guarded lockdowns and supermarket shelves were bare.

As growing parts of Europe and the Middle East saw infections and a first case was found in South America, air routes were halted and border control toughened. But for an illness transmitted so easily, with its tentacles reaching into so many parts of the world, leaders puzzled over how to keep the virus from proliferating seemed willing to try anything to keep their people — and economies — safe.

Japanese Prime Minister Shinzo Abe called for schools across the country to close for weeks, a decision that impacted 12.8 million students.

“The most important thing is to prevent infections,” said Norinobu Sawada, vice principal of Koizumi primary school, “so there aren’t many other options.”

In South Korea, the hardest-hit country outside China, four Busan markets known for colorful silks and a dizzying array of other wares were shuttered while the country’s military sent hundreds of its doctors and soldiers to aid in treatment and quarantines.

In Iran, the front line of Mideast infections, officials loosened rules barring the import of many foreign-made items to allow in sanitizers, face masks and other necessities, and removed overhead handles on Tehran’s subways to eliminate another source of germs. Peru put specialists on round-the-clock shifts at its biggest airport, Argentina took the temperature of some new arrivals and El Salvador added bans for travelers from Italy and South Korea.

The holy city of Mecca, which able-bodied Muslims are called to visit at least once in their lives, and the Prophet Muhammad’s mosque in Medina were cut off to potentially millions of pilgrims, with Saudi Arabia making the extraordinary decision to stop the spread of the virus.

With the monarchy offering no firm date for the lifting of the restrictions, it posed the possibility of affecting those planning to make their hajj, a ritual beginning at the end of July this year.

“We ask God Almighty to spare all humanity from all harm,” the country said in announcing the decision

Disease has been a constant concern surrounding the hajj, with cholera outbreaks in the 19th century killing tens of thousands making the trip. More recently, another coronavirus that caused Middle East respiratory syndrome, or MERS, prompted increased public health measures, but no outbreak resulted.

COVID-19’s westward creep — including a case in California in the United States that does not appear linked to overseas travel — had some countries warning their people to obey measures intended to keep a single case from blossoming into a cluster that could paralyze a community.

A man originally from Wuhan, the Chinese city at the center of the global outbreak, who contracted the virus was charged alongside his wife in Singapore for allegedly lying about their whereabouts as officials tried to stem further infections. In Colombia, which has yet to report any cases, officials reminded residents they could be jailed for up to eight years if they violate containment measures. And in South Korea, the National Assembly passed a law strengthening the punishment for those violating self-isolation, more than tripling the fine and adding the possibility of a year in prison.

“It came later than it should have,” said Lee Hae-shik, spokesman for the ruling Democratic Party, calling for further non-partisan cooperation to address the outbreak.

Countries’ efforts to contain the virus opened up diplomatic scuffles. South Korea fought prohibitions keeping its citizens out of 40 countries, calling them excessive and unnecessary. China warned Russia to stop discriminatory measures against its people, including monitoring on public transit. Iran used the crisis to rail against the U.S., which it accused of “a conspiracy” that was sowing fear.

The global count of those sickened by the virus hovered around 82,000, with 433 new cases reported Thursday in China and another 505 in South Korea, where the military called off joint drills planned with American troops. Iran’s caseload surged by more than 100 cases.

Even the furthest reaches of the globe were touched by the epidemic, with a woman testing positive in Tromsoe, the fjord-dotted Norwegian city with panoramas of snow-capped mountains. Health officials said the woman had traveled to China.

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Gambrell reported from Dubai, United Arab Emirates. Contributing to this report were Tong-hyung Kim and Hyung-jin Kim in Seoul, South Korea; Jan M. Olsen in Copenhagen, Denmark; and Mari Yamaguchi in Tokyo.