Wall Street sinks at close as Wuhan virus cases surge

Friday, 21. February 2020 22:00

Stocks on Wall Street dropped sharply at the session close on Friday, posting losses for the week as the rising number of coronavirus patients both inside and outside China fueled concerns of an economic slowdown.

Economic indicators also failed to lift investor sentiment as the latest data revealing that the US service sector slowed down to the lowest level in over six years.

Meanwhile, traders flocked to safe-haven assets, pushing gold to a new seven-year high, while the 30-year Treasury bond yield dropped to a record low.

The Dow Jones closed 0.78% in the red, with Microsoft and Apple leading way, sliding 3.16% and 2.26%, respectively. The Nasdaq 100 dropped 1.88% as AMD dipped 6.97%. The S&P 500 retreated 1.05% as the session ended with Hasbro plunging 9.01% after the toymaker and Disney announced that they extended the merchandise licencing deal.

All three indexes capped weekly losses: Dow was down 1.38% for the week, while Nasdaq 100 and the S&P 500 posted a weekly loss of 1.84% and 1.26%, respectively.

The euro added 0.55% against the US dollar, going for 1.08497 at 4:30 pm ET.

Related Links: 
Author:
Breaking the News / GG