Stocks - S&P Stumbles as U.S. Confirms Second Coronavirus Case

Stocks - S&P Stumbles as U.S. Confirms Second Coronavirus Case  | Jan 24, 2020 18:32

Stocks - S&P Stumbles as U.S. Confirms Second Coronavirus Case

By Yasin Ebrahim – The S&P fell Friday, as reports of a second coronavirus case in the U.S. spooked sentiment amid fears that a further spread of the virus may dent global growth.

The S&P 500 fell 0.8%. The Nasdaq Composite lost 0.7% and the Dow Jones Industrial Average was down 0.7%.

The Centers for Disease Control and Prevention confirmed that the second case of the deadly virus that originated in China was detected in Illinois.

With more than 900 confirmed cases of the flu-like virus reported so far, fears are rising that the virus, in the event of widespread contagion, could hurt economic growth and experts point to the impact of global growth from Ebola in 2014, Sars in 200 and the Avian-Flu virus in 1997.

The virus jitters were most prevalent in the energy as stocks slumped after oil prices fell sharply on concerns about weaker demand aviation fuel demand amid a stumble in tourism and air travel.

American Airlines (NASDAQ:AAL) and United Airlines fell 4%, while Delta Air Lines (NYSE:DAL) slipped 2%.

Boeing (NYSE:BA) also added to wave of selling, slipping 1% as on report that the aircraft maker was mulling further cuts to its 787 Dreamliner production.

Tech was an exception to the selloff, staying just above the flatline, led by a surge in Intel (NASDAQ:INTC) on bullish quarterly results a day earlier.

American Express (NYSE:AXP) also reported results that beat on both the top and bottom lines, sending its shares about 3% higher.

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Kenneth Yeung
Kenneth Yeung

Welcome the year of Rat, with the capitulation of stock markets and with that, all the excesses of a rigged system - from voting to corruption in the Whitehouse.  ... (Read More)

Jan 24, 2020 23:52 GMT· Reply

This is such BS... any excuse to rig the market   ... (Read More)

Jan 24, 2020 21:01 GMT· Reply
David Hawley
David Hawley

When the number of deaths overtake deaths from normal flu that occur each year...136 in the 2018-19 season. But it just goes to show what a bunch of money grabbing lot investors are when 2 people have caught the virus out of a population of 327 million but no deaths in the US yet.  ... (Read More)

Jan 24, 2020 18:39 GMT· Reply
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