Breaking News
Get 40% Off 0
👀 Reveal Warren Buffet's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Dow sheds 800 points as pandemic fears grip Wall Street

Published Feb 24, 2020 16:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor at the NYSE in New York
 
US500
+0.17%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GILD
+0.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
+0.81%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CI
-0.46%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CVS
-0.22%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Medha Singh

(Reuters) - The Dow Jones Industrials shed 800 points on Monday as investors scurried to safer assets after a sharp rise in coronavirus cases outside China fueled fears of a bigger impact to global growth.

Gold rose to a seven-year high and the inversion between the 3-month and 10-year U.S. Treasury yields deepened as a rise in cases in Iran, Italy and South Korea over the weekend fanned fears of a pandemic. An inversion of the curve is a classic recession signal.

All of the Dow's 30 blue-chip members, as well as the 11 major S&P sectors were in the red. Technology stocks (SPLRCT) dropped 3.1% and were the biggest drag on the benchmark index. Defensive utilities (SPLRCU) and real estate <.SPSLRCR> posted the smallest declines.

Apple Inc (NASDAQ:AAPL) slid 3.5% as data showed sales of smartphones in China tumbled by more than a third in January.

Last week, Wall Street's main indexes notched record highs, partly on optimism that the global economy would be able to snap back after an initial hit, supported by central banks.

"Some people are re-assessing the extent to which China is being damaged by the spread of the virus and, more broadly, whether other parts of world will get contagion effects of that," said Nitesh Shah, director of research at WisdomTree.

Chipmakers, which heavily rely on China for revenue, were among the worst performers, with the Philadelphia SE Semiconductor index (SOX) down 4.2%.

Interest rate-sensitive banks <.SPXBK> shed 2.7%, while the CBOE Volatility Index (VIX), a barometer of expected near-term market volatility, jumped to a six-month high.

At 9:55 a.m. ET, the Dow Jones Industrial Average (DJI) was down 764.01 points, or 2.64%, at 28,228.40, the S&P 500 (SPX) was down 83.88 points, or 2.51%, at 3,253.87. The Nasdaq Composite (IXIC) was down 280.96 points, or 2.93%, at 9,295.63.

Health insurers such as UnitedHealth Group Inc (N:UNH), CVS Health Corp (N:CVS) and Cigna Corp (N:CI) dropped between 3% and 4.8% as Bernie Sanders, who supports the elimination of private health insurance, strengthened his position for the Democratic presidential nomination with a decisive victory in the Nevada caucuses.

In a rare bright spot, Gilead Sciences Inc (O:GILD), whose antiviral remdesivir has shown promise in monkeys infected by a related coronavirus, rose 5.8%.

Declining issues outnumbered advancers for a 8.29-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 9.47-to-1 ratio on the Nasdaq.

The S&P index recorded six new 52-week highs and 17 new lows, while the Nasdaq recorded nine new highs and 112 new lows.

Dow sheds 800 points as pandemic fears grip Wall Street
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Feb 24, 2020 15:11
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good..at last dow knew the impact of it...but still not to late..haha
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email