Healthcare companies led a broad slide in U.S. stocks Friday as increased fears over the spread of a deadly coronavirus rattled markets.
Healthcare companies led a broad slide in U.S. stocks Friday as increased fears over the spread of a deadly outbreak of coronavirus rattled markets.The sell-off followed news that a Chicago woman has become the second U.S. patient diagnosed with the new virus from China. Health authorities worldwide have been taking measures to try to contain and monitor the coronavirus outbreak.
Jitters over the potential economic fallout from the coronavirus outbreak intensified Friday as the tally of confirmed cases continued to climb, rising to more than 850. Twenty-six people have died, all in China. The U.S. Centers for Disease Control and Prevention said over 2,000 returning travelers had been screened at U.S. airports and 63 patients in 22 states were being tested.
Utilities notched a slight gain as investors shifted money into safe-play, high-dividend stocks and U.S. government bonds. The surge in bond-buying sent yields lower. The yield on the 10-year Treasury note fell to 1.69% from 1.74% late Thursday, a big move. Shares in two credit card issuers fell sharply after the companies released mixed quarterly snapshots. Discover Financial Services slumped 11.1% after it issued disappointing 2020 guidance. Synchrony Financial skidded 9.9% after its fourth-quarter revenue fell short of analysts’ forecasts.
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