Wall St extends losses after data shows business activity stalls

Daniel Fowler
February 22, 2020

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.

The declines punctuated a session that noticed the primary U.S. inventory indices commerce round par for the primary a part of the day, and a pointy rise in China's inventory market after the nation's central financial institution lower benchmark rates of interest in an effort to help the financial system. "Going into a weekend not so long after the stock market was hitting highs, people are taking some money off the table".

Apple surged 1.4%, recovering most of the losses within the earlier session after a surprise sales warning that marked issues about the coronavirus's impact on world supply chains.

Investors were unnerved by a sharp late-morning drop that took the S&P 500 briefly down more than 1% on the day, with some traders attributing the move to a Global Times report that a central Beijing hospital had reported 36 new cases.

Wall Street's fear gauge, the CBOE volatility index, hit its highest level in almost three weeks. The VIX hit its highest closing level since Feb 3. The price of gold also rose. The manufacturing sector also clocked its lowest reading since August.

The S&P 500 is up 106.97 points, or 3.3%.

The Dow Jones Industrial Average slid 227.57 points, or 0.8%, to 28,992.41.

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Among other stocks, Dropbox jumped after it raised its outlook for operating margin, and Deere & Co rose after an unexpected rise in first-quarter profit.

The tech-heavy NASDAQ dropped 110.38 points, or 1.1%, to 9,640.71.

European shares sank. The Stoxx 600 and Germany's Dax each closed 0.9 per cent decrease, whereas London's FTSE 100 reversed its features to complete the day with a drop of 0.Three per cent.

Rising issues outnumbered falling ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio promoted advancers.

The S&P index recorded 26 new 52-week highs and eight new lows, while the Nasdaq recorded 67 new highs and 49 new lows.

Volume on USA exchanges was 8.28 billion shares, compared with the 7.66 billion average for the full session over the last 20 trading days.

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