U.S. stocks fell on Thursday, led by declines in technology heavyweights, after ...
NEW YORK - U.S. stocks fell on Thursday, led by declines in technology heavyweights, after reports of new coronavirus cases in China and other countries intensified fears over its spread and impact on the global economy.
Investors were already skittish after Japan reported two new deaths and South Korea reported a rise in new infections. Research suggested the virus was spreading more quickly than previously thought. The S&P 500 technology index lost 1% on the day. The index has led gains in the S&P 500 so far this year and is still up more than 10% since Dec. 31. Shares of Microsoft Corp, Apple Inc and Amazon.com Inc fell and were among the biggest drag on the S&P 500 on Thursday.
“In my opinion, what is happening is the market got well ahead of itself. The coronavirus thing is not over by any stretch,” said Ken Polcari, senior market strategist at SlateStone Wealth LLC in Jupiter, Florida.
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