WASHINGTON - Trump administration officials are holding preliminary conversations about economic responses to the coronavirus, as the stock market fell sharply again on Friday amid international fears about the outbreak, according to five people with knowledge of the planning.

The stock market fell for the seventh straight day Friday, with the Dow Jones industrial average losing 357 points, or 1.4 percent, to close at 25,409. Only by staging a late rally in the final 15 minutes of trading was the Dow able to avert its third daily loss this week of more than 1,000 points.

Major companies are beginning to cancel conferences and travel plans within the United States due to the coronavirus, which analysts warn will have cascading impacts on the country's hotels, airlines and convention centers.

Big banks around the world are rushing to ensure they can keep Wall Street humming through a coronavirus pandemic. The travel curbs have begun -- the next steps will upend daily life on trading desks.

Fears about the coronavirus hammered credit markets across the globe this week and shut out almost all borrowers looking for fresh cash in the U.S. and Europe.