Published: Sat, February 22, 2020
Markets | By Otis Pena

US Stocks Fall Nearly 250 Points as Coronavirus Fears Continue

US Stocks Fall Nearly 250 Points as Coronavirus Fears Continue

The Dow lost 405.67 points, or 1.4%. The index has led gains in the S&P 500 so far this year and is still up more than 10% since December 31. The S&P 500 fell 13.17 points, or 0.45 percent, to 2,932.47. The Nasdaq shed 1.6 per cent, its biggest weekly percentage decline in three weeks. The S&P 500 was pressured by a 2.6% drop in the tech sector.

China's National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland.

The report said those infected at Fuxing Hospital in Xicheng district were eight medical workers, nine cleaning staff and 19 patients along with their families, leading many to fear a potential explosion in infection numbers in the capital.

"The overlying question is the uncertainty over the coronavirus and whether it's going to spread further and impact global economic activity before things stabilize and ultimately get better", said Michael Sheldon, executive director and CIO at RDM Financial Group at Hightower in Westport, Connecticut.

"While a sustained bear market does not look likely, a near-term correction is looking much more probable". Data from the China Passenger Car Association showed auto sales plummeted by 92% in the first two weeks of February.

Nick Kyrgios withdraws, Bernard Tomic bundled out of Delray Beach Open
Saving all nine break points in the match, Harrison converted three of five to win the contest 6-3, 6-2 in an hour and 26 minutes. Garin jumped forward 6-2 in the tiebreaker to arrange 4 match factors, and he lastly put away the match on the final of these 4.

United States stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in U.S. business activity in February fuelled investors' fears about economic growth. Treasury prices and yields move in opposite directions. Gold hit a fresh seven-year high, gaining 1.7% to $1,648.70 per ounce. "You're starting to see hard-dollar impacts for companies because their supply chains are being disrupted".

Stocks backtrack from record highs amid lingering coronavirus risk.

Declines were led by the technology sector for a second straight session. "Yet breadth was never down that much even at the height of intraday losses, and ended up positive on the day".

In corporate news, ViacomCBS Inc slumped 17.1%, as its earnings fell short of revenue and profit expectations in its first quarterly earnings results since closing its merger.

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