Stocks Drop on Worries About Virus Outbreak
24 Enero 2020 - 1:39PM
Noticias Dow Jones
By Avantika Chilkoti and Alexander Osipovich
U.S. stocks tumbled Friday on worries the deadly coronavirus
outbreak is spreading.
The Dow Jones Industrial Average fell 260 points, or 0.9%, in
afternoon trading. The S&P 500 and the Nasdaq Composite both
dropped 1.1%.
All three indexes opened with gains, but pulled back after
health officials confirmed a second U.S. case of the virus that has
killed more than two dozen people in Asia, sickened hundreds more
and led to a quarantine of the Chinese city of Wuhan.
Energy was among the worst-performing sectors of the S&P
500, pulled down by slumping prices for crude oil. U.S. oil futures
fell 2.7% to $54.09 a barrel, on track for their fourth consecutive
losing session, as the broadening virus outbreak threatened to
disrupt travel.
Investors bought assets seen as safe havens. Gold futures gained
0.4% to $1572.10 per troy ounce. The yield on the 10-year U.S.
Treasury note fell to 1.682%, from 1.739% on Thursday, as investors
snapped up government bonds. Bond yields move in the opposite
direction from prices. Utilities were the only one of the S&P
500's 11 sectors to be up for the day.
In corporate news, shares of Intel surged 8%. The chip maker
late Thursday reported fourth-quarter earnings that beat
expectations following an upswing in personal-computer shipments
and robust demand for chips to power data centers.
American Express gained 2.3% after the credit-card company's
earnings beat analysts' expectations and it gave an optimistic
earnings outlook for 2020.
Overseas, the pan-continental Stoxx Europe 600 index climbed
0.9% on fresh economic data that signaled a halt to the slowdown in
the German manufacturing sector.
Preliminary data on purchasing managers' indexes, closely
watched measures of business activity, suggested that the
manufacturing sector in the eurozone -- and Germany, in particular
-- fared better than the market had expected in January. Factories
in the region saw export orders begin to stabilize after a long and
deep decline, and while the manufacturing sector continued to
contract, it did so at a slower pace than previous months.
"The markets are reacting to the signs of bottoming in German
manufacturing," said Mike Bell, global market strategist at J.P.
Morgan Asset Management. "It's pretty key because the big question
on everyone's mind has been: Is there recession risk? And the most
obvious risk there was a downturn in European manufacturing."
U.K. stocks rose, with the FTSE 100 index climbing 1% after the
latest purchasing managers index data was better than analysts
expected.
The readings are "the surest sign yet that the economy has
turned a corner since the election," and would likely mean the Bank
of England holds off cutting rates later this month, analysts at
Capital Economics said in a note.
In Asia, Japan's Nikkei 225 benchmark closed up 0.1% and Hong
Kong's Hang Seng finished the day up almost 0.2%. Chinese and
Korean markets were closed for public holidays.
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com and
Alexander Osipovich at alexander.osipovich@dowjones.com
(END) Dow Jones Newswires
January 24, 2020 14:24 ET (19:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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