Stocks slumped last week as evidence of the economic toll of the coronavirus continued to mount. In the U.S., a staggering 6.6 million new claims for jobless benefits were filed. In addition, the employment report for March showed the first loss of jobs since 2010, despite being representative of only mid-month labor market activity. Also, manufacturing, factory orders, vehicle sales, construction spending and consumer confidence all declined. The S&P 500® index shed 2.1 percent on the week. It was the fifth weekly decline in the past seven since the current selloff began, leaving the index down 23 percent year-to-date and down 27 percent from its February 19 peak. Somewhat encouragingly, expected volatility in the S&P 500 declined sharply. The VIX index fell to a reading of 47 from 66 the prior week, extending a decline that began in mid-March when the index reached 83. Stocks outside of the U.S. fell by 2.9 percent in dollar terms for the week.