US markets tumble as coronavirus fears mount
4 years, 10 months ago

US markets tumble as coronavirus fears mount

Live Mint  

US stock indexes fell about 1% on Thursday, dragged down by technology heavyweights, as investors fretted over a rise in the cases of coronavirus and its economic impact. Some traders pointed to a Global Times report that said a central Beijing hospital reported 36 new cases as of Thursday, sparking a fresh wave of selling in late morning trade. Investors were already on the edge as the number of new cases climbed in South Korea, Japan reported two new deaths and research suggested that the virus was spreading faster than previously thought. Recent policy easing by China, a largely better-than-expected fourth-quarter earnings season and hopes that the economic jolt from the coronavirus will be short-lived have pushed Wall Street's main indexes to new highs in recent weeks. In other corporate news, ViacomCBS Inc slumped 16.8% as its earnings fell short of revenue and profit expectations in its first quarterly earnings results since closing its merger.

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