How much value did Wall Street lose in the past week?

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Wall Street Lost Approximately US$3.5 Trillion in Equity Value Last Week

In the preceding week, Wall Street experienced a significant decline, with an estimated US$3.5 trillion (RM14.7 trillion) in equity value being erased. This downturn marked the most substantial weekly loss since the 2008 global financial crisis, reflecting investor concerns over the economic impact of the novel coronavirus.
Market Decline Amidst Virus Concerns

The stock market's performance last week saw a drop of about 12 per cent. This sharp decline occurred as the global death toll from the virus continued to rise, heightening worries among investors about the virus's international spread. The economic hit was particularly concerning given that global growth was already considered fragile.
Federal Reserve's Reassurance Statement

In response to the market volatility, Federal Reserve Chair Jerome Powell issued a statement on Friday. He acknowledged that the coronavirus "poses evolving risks to economic activity" and assured that the Fed was "closely monitoring developments." Powell further stated that the central bank "will use our tools and act as appropriate to support the economy," a remark that investors interpreted as a commitment to reduce benchmark interest rates.
Expectations for Interest Rate Adjustments

Following Powell's statement, a rally in stock prices was observed. Market participants and a majority of economists anticipate that the Federal Reserve's policy committee will vote to lower the key interest rate at their upcoming scheduled meeting on March 17-18. This expectation stems from the Fed's traditional role of using interest rate adjustments to influence economic activity.

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How much value did Wall Street lose in the past week?

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