Wall Street fell again on Friday, erasing all the gains that stocks have made since President Donald Trump took office. The market's benchmarks plunged deeper into bear market as the S&P 500 lost 15% for the week and the Dow Jones Industrial Average dropped 17.3% for the same time period.

The coronavirus's continued spread has led to a stop to normal American life. COVID-19 has brought the mass closure of private businesses, soaring unemployment and has become a major threat to the heath of the global economy. Goldman Sachs (GS  ) echoed the earlier statements made by Bank of America (BAC  ) and Morgan Stanley (MS  ) on Friday; the world's largest economy is already in a recession.

"We expect declines in services consumption, manufacturing activity, and building invest to lower the level of [growth] in April by nearly 10%," the in vestment firm stated on Friday. Goldman predicts that the U.S. economy will contract by 24% in the second quarter before rebounding in the second half of 2020's fiscal year.

Here's how the market closed to end the week:

S&P 500 Index (SPY  ): -4.34% or -104.47 points to 2,304.92

Dow Jones Industrial Average (DIA  ): -4.55% or -913.21 points to 19,173.98

Nasdaq Composite Index (QQQ  ): -3.79% or -271.06 points to 6,879.52

In Major Stock News, many travel stocks--United Airlines (UAL  ), American Airlines (AAL  ), MGM Resorts (MGM  ), Wynn Resorts (WYNN  ), Marriott (MAR  ) and Hilton (PK  )--bounced Friday amid the new market sell-off. Technology stocks, like major players Facebook (FB  ), Apple (AAPL  ), Amazon (AMZN  ), Netflix (NFLX  ), Google (GOOGL  ) and Microsoft (MSFT  ), rose but later fell as more Americans are ordered to remain in their homes.

In Stock Sector News, every sector besides, surprisingly, Energy +0.96%, fell into deeper lows on Friday. The performance losses were as follows: Utilities -8.18%, Consumer Staples -6.53%, Real Estate -5.48%, Industrials -5.04%, Communication Services -4.63%, Information Technology -4.42%, Health Care -4.08%, Materials -3.53%, Financials -3.27% and Consumer Discretionary -2.71%.

Lastly, in Commodity and Currency News, Wall Street's fresh sell-off on Friday accelerated crude oils losses, leading to a -20.89% drop for West Texas Intermediate (USO  ) and a -2.53% change for Brent Crude (BNO  ). Benchmark barrel prices not range between $19-$28 each. Gold (GLD  ) posted a good amount of gains on Friday, with the metal's price increasing +2.13%. Finally, the U.S. Dollar (UUP  ) lost some of its recent strength on Friday, with the DXY Index dropping -0.56%.