Published: Tue, February 04, 2020
Markets | By Otis Pena

United States stocks fall 600 points on coronavirus worries

United States stocks fall 600 points on coronavirus worries

Fears surrounding the economic impact of the outbreak, which has been declared as a global emergency, had shaved off more than 600 points from the Dow Jones Industrials and pushed the benchmark S&P 500 into the red for the year on Friday.

Banks and energy companies also broadly fell.

Crude oil futures dropped 2.95% at $50.04 per barrel and Brent crude fell 0.16% at $54.289. 505 percent, pushing the note's price greater.

The Dow Jones Industrial Average rose 365 points, or 1.29 per cent, to 28,621.18 as of around 10:30am local time in NY. The S&P 500 closed 1.8% lower at 3,225.52. The 30-inventory Dow was up more than 350 points during its top of the day. However, stocks pared losses late in the session as the agency director, Robert Redfield, said the risk to the U.S public is low. The benchmark rate climbed back to around 1.52% on Monday. "You may continue to see sort of reallocation". All fatalities have occurred in China, with the exception of a Chinese man who died in the Philippines after traveling from Wuhan, the epicenter of the outbreak.

Chinese stock markets will reopen Monday for the first time since January 23, resuming trading after the Lunar New Year holiday break.

For the month, the Nasdaq did still and positive for the month, but the S&P and Dow closed the month lower.

Earnings were also well and truly still in focus on Monday, with Alphabet set to report after the close.

The Iowa caucuses are Monday, the first contest to choose a Democratic nominee to run against Donald Trump in November.

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Worries about the way in which the virus could affect the global market dented US stocks within their final trading day of January.

These exchange-traded funds (ETFs) are moving on investors' expectations for where Chinese stocks would be if markets in China were still open. Readings above 50 indicate activity is expanding across the manufacturing sector, while those below 50 signal contraction.

A reading above 50 indicates expansion in the manufacturing sector, which accounts for 11% of the US economy. Tesla (TSLA) surged 19.9% after an Argus Research analyst boosted his price target to $808 per share.

In the United Kingdom, the British pound fell 1.6% against the US dollar.

"Traders are looking for value where they can", he said. "We don't have the all-clear yet", Lerner said.

Gains in Amazon helped the consumer discretionary index .SPLRCD rise 0.82%, the only sector on the plus side. France's Ingenico Group rallied 17% after its board agreed to a cash-and-stock merger with payment-services giant Worldline in a deal that will give Ingenico shareholders 35% of the combined business.

-Steven Russolillo, Xie Yu and Caitlin Ostroff contributed to this article.

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