Stocks attempted to rally early Friday, but tumbled further throughout the day, ending the worst week in over a decade for the Dow Jones Industrial Average.
Trump did not address government unemployment estimates for March and April during the press briefing, nor did he comment on a report in The New York Times that Labor Department officials have asked states to stay mum on the number of increasing unemployment claims and instead use "generalities to describe claims levels". "That's what's causing the volatility".
The sense of gloom surrounding the outlook for the U.S. and global economies deepened further on Friday after New York Governor Andrew Cuomo ordered all nonessential businesses to keep their workers home as cases of confirmed COVID-19 in the state topped 7,000 - the highest in the nation.
The S&P 500 was up 1.5 per cent after bouncing back from a loss of 3.3 per cent.
Ontario records largest single day jump in number of COVID-19 cases
According to the health unit, the man was being treated at Oakville Trafalgar Memorial Hospital and Milton District Hospital. There are 15 cases of the novel coronavirus in Manitoba, including eight that have been confirmed in the national lab.
While the S&P 500 added 94 billion US dollars in market capitalization on Thursday, it is down 8.09 trillion USA dollars since its February 19 record close, according to S&P Dow Jones Indices' analyst Howard Silverblatt.
Wall Street has bounced up and down by record-setting margins of up to 12 percent over the past week.
"The volatility, there's no reason to think it dissipates", said JJ Kinahan, chief market strategist at TD Ameritrade. Investors were hoping that was the bottom and that the stock market can recover as virus cases peak in the coming months and government stimulus kicks in.
The state of play: The Dow stocks are down 33% over the past month, compared with a 30% decline for the S&P 500, and a 24% drop for the more tech-focused Nasdaq.
Le "roi" du soukouss Aurlus Mabélé tué par le Coronavirus — Page noire
Aurlus Mabélé s'est éteint, ses innombrables œuvres aussi sublimes les unes que les autres continueront de chanter son éternité. C'était une légende, un monstre sacré, une icône, le roi de la danse et des " sappeurs ".
The Federal Reserve announced yet another slew of measures to boost liquidity, including a new program to inject funds into state and municipal money markets to keep the financial system from freezing up under the stress. Bank of America's economics team in a note Thursday said, "the USA recession is here".
Escalating fears about the coronavirus pandemic plunging the world into a recession have put Wall Street on track to close the week deep in the red despite a small rebound on Thursday. She told Euronews a quick recovery depends on the actions governments and employers take today.
More than 14,000 cases of COVID-19 have been confirmed in the US along with over 200 deaths, according to Johns Hopkins University.
But markets will likely remain volatile as the coronavirus continues to spread across the U.S. and Europe while Congress crafts a $1 trillion fiscal stimulus package to help stanch the economic bleeding. "What's happening has not happened in our lifetime before", he said. "There will also be individuals who have very big losses".
Paulo Dybala: Juventus striker self-isolating after positive coronavirus test
He is the third Juve player to be confirmed to have the virus, following centre-back Daniele Rugani and France World Cup victor Blaise Matuidi .
CNBC's Yun Li and Eustance Huang contributed reporting.