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ASX 200 ends the week down 11%

The S&P/ASX 200 Index (ASX: XJO) ended the week down 11% after a very volatile week.

At one point during Friday it was down around 21.5% but then the ASX 200 surged 12% to finish up 4.4% for the day.

Investors just don’t know what to make of the coronavirus outbreak. There is so much positive and negative news each week.

How did the travel industry go this week?

The Webjet Limited (ASX: WEB) share price fell 32% after the US banned travel with Europe for 30 days. Travel cancellations led the travel business to withdraw its FY20 guidance.

The Qantas Airways Limited (ASX: QAN) share price dropped 32% as well due to the lack of passengers. It announced a number of measures to try to cope with what’s happening, though we also learned about some staff underpayments.  

The Flight Centre Travel Group Ltd (ASX: FLT) share price dropped 27.75% over the week. The travel agent business announced it would close around 100 underperforming stores and it would transfer staff and the total transaction value (TTV) to other stores.

Oil shares crash..and then rebound

Russia and OPEC couldn’t come to an agreement to reduce production, which caused the oil price to crash.

Various oil shares were smashed like Woodside Petroleum Limited (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH).

However, on Friday some of that fall was recovered. The Woodside share price went up almost 10% and the Oil Search share price gained 17.2%.

Other gains

Some other shares finished the week strongly as investors sensed a bargain.

Those largest gains within the ASX 200 were:

The Cochlear Limited (ASX: COH) share price rose 21%.

The Netwealth Group Ltd (ASX: NWL) share price went up 18.7%.

The Wesfarmers Ltd (ASX: WES) share price climbed 8%.

The CSL Limited (ASX: CSL) share price rose almost 12%.

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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd., CSL Ltd., and Netwealth. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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