Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

U.S. Stocks Slip Amid Virus Fears

share with twitter share with LinkedIn share with facebook
share via e-mail
02/14/2020 | 02:25pm EST

By Avantika Chilkoti and Gunjan Banerji

U.S. stocks drifted higher Friday as investors' concerns about a sharp rise in coronavirus cases from earlier in the week faded.

The S&P 500 and Nasdaq Composite edged less than 0.1% lower. The Dow Jones Industrial Average fell 100 points, or 0.3%, to 29323.

Investors grew concerned this week about when the coronavirus outbreak might peak after Chinese authorities changed the criteria for diagnosis, leading to a dramatic increase in the number of new cases.

But stocks in the U.S. and in Europe have largely continued rallying on faith that central banks and governments will take steps to shield the global economy from the impact of the outbreak. All three major indexes are on track for gains this week.

"The market wants to believe this is a one-quarter blip and we're back to the races," said Neil Dwane, global strategist at Allianz Global Investors.

Additionally, earnings have continued to largely beat investors expectations, helping give stocks a boost.

Shares of some individual companies recorded bigger moves. Nvidia advanced almost 8% after the graphics-chip maker's fourth-quarter earnings topped Wall Street's expectations. Nvidia's gains helped the S&P 500's information technology sector outperform the broader market, rising 0.5%.

Expedia Group gained more than 11% after the online travel company projected cost savings and growth in a measure of profit for this year.

Meanwhile, some of the jitters that were on display earlier in the week were more apparent in the market for government bonds.

The yield on the 10-year Treasury note fell to 1.585%, according to Tradeweb, from 1.616% Thursday as fresh data released Friday showed that U.S. retail sales increased 0.3% in January from the month prior, in line with expectations. Though the report showed that spending is on steady footing, spending was uneven across the board. Clothing and gasoline sales dropped while U.S. auto sales increased.

There were signs of fresh tensions between Washington and Beijing that emerged overnight after the U.S. charged Chinese telecommunications giant Huawei and two of its U.S. units with racketeering conspiracy and conspiracy to steal trade secrets. Tensions between the two nations had roiled markets for large parts of last year, and eased only briefly after they sealed an initial trade accord that failed to address a number of crucial issues.

"We always thought the 'phase one' trade deal would not actually resolve tensions between the U.S. and China," said Simona Gambarini, markets economist at Capital Economics in London. "The two economies are based on totally different foundations."

Overseas, the Stoxx Europe 600 index slipped 0.1% and the Shanghai Composite Index closed 0.4% higher.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com and Gunjan Banerji at Gunjan.Banerji@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -4.92% 194.08 Delayed Quote.-6.39%
CHINA-SHANGHAI COMP 1.84% 3030.15 End-of-day quote.-1.18%
DJ INDUSTRIAL -3.82% 24766.09 Delayed Quote.-5.54%
EXPEDIA GROUP, INC. -0.11% 98.48 Delayed Quote.-8.72%
NASDAQ 100 -2.92% 8198.488281 Delayed Quote.1.17%
NASDAQ COMP. -2.83% 8322.406566 Delayed Quote.-0.08%
NVIDIA CORPORATION 0.55% 254.09 Delayed Quote.7.35%
S&P 500 -3.49% 2872.49 Delayed Quote.-3.54%
S&P/CITIC 300 INDEX 0.00% 3441.01 Delayed Quote.0.39%
S&P/CITIC 50 INDEX 0.00% 3487.82 Delayed Quote.-3.96%
STOXX EUROPE 600 -4.28% 372.7 Delayed Quote.-2.70%
STOXX EUROPE 600 NR -4.24% 806.56 Delayed Quote.-2.54%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
10:28aWALL STREET STOCK EXCHANGE : Dow drops 1,000 points as pandemic fears heighten
RE
10:17aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Lower, Face Biggest Weekly Losses Since 2008
DJ
10:11aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Lower, Face Biggest Weekly Losses Since 2008
DJ
09:47aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Lower, Face Biggest Weekly Losses Since 2008
DJ
08:58aTODAY ON WALL STREET: The coronavirus crisis creates chaos
08:37aGlobal Stocks Follow Wall Street's Steep Decline
DJ
08:15aWALL STREET STOCK EXCHANGE : S&P 500, Nasdaq Futures -- Technical Analysis
DJ
08:14aGlobal Stocks Follow Wall Street's Steep Decline
DJ
07:20aGlobal Stocks Follow Wall Street's Steep Decline
DJ
06:38aGlobal Stocks Follow Wall Street's Steep Decline
DJ
Latest news "Markets"