Dow Falls More Than 600 Points Amid Virus Scare

Technology stocks lead the losses, with Apple falling 3.9%
By Newser Editors and Wire Services
Posted Jan 31, 2020 2:40 PM CST
Updated Jan 31, 2020 3:15 PM CST
Stocks Plunge Amid Uncertainty Over Virus
In this Jan. 9, 2020, file photo trader Michael Milano works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30am EST on Friday, Jan. 31.   (AP Photo/Richard Drew, File)

Stocks plunged on Wall Street as investors feared that a virus outbreak that originated in China will dent the global economy, the AP reports. Technology companies, which do a lot of business with China, led the losses. Airlines fell after Delta and American suspended flights to and from China. The sell-off erased the S&P 500's gains for January and gave the benchmark index its biggest weekly loss since August. The S&P 500 sank 58, or 1.8%, to 3,225. The Dow Jones industrials fell 603, or 2.1% to 28,256. The Nasdaq dropped 148, or 1.6%, to 9,150. Bond prices rose. The yield on the 10-year Treasury fell to 1.51%.

The virus has infected almost 10,000 people globally in just two months, a troublesome sign of its spread that prompted the World Health Organization to declare the outbreak a global emergency. That designation signals that the virus is now a significant risk to other countries and requires a global response. Cases have spiked in China, along with deaths there, and the US is now advising against all travel to the world’s second-largest economy. "The economic and market impact now are becoming much more significant and those two sectors are probably the most important to keep an eye on," said a global market strategist. "If you're going to restrict travel and you're going to restrict movement, you're by default going to hit energy prices."

(Read more Wall Street stories.)

Get breaking news in your inbox.
What you need to know, as soon as we know it.
Sign up
We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.