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Stocks fell on Friday after the second U.S. case of the deadly coronavirus was confirmed, stoking concerns over the sickness’ impact on the global economy.
The Dow Jones Industrials staggered 170.36 points to end a short week at 28,989.73, as Boeing shares turned around. Friday also marked the Dow’s first close below 29,000 since Jan. 14.
The S&P 500 slumped 30.1points at 3,295.44, for its worst loss of the young year.
The NASDAQ slouched 87.57 points from Thursday’s all-time high to 9,314.91.
The Dow, S&P 500 and NASDAQ all posted their first weekly loss of 2020. The Dow and S&P 500 both fell at least 1% week to date while the NASDAQ slid 0.8%.
Stocks started Friday’s session on a strong note after the release of better-than-expected earnings from American Express and Intel.
American Express reported a quarterly profit and revenue that beat analyst expectations. Those results were driven in part by strong card fee revenues. The stock gained more than 2% and hit a record high.
Intel, meanwhile, climbed more than 8% after its fourth-quarter numbers topped estimates. The company also gave an optimistic outlook for the first quarter of 2020.
Those results add to what has been a solid start to the earnings season. More than 16% of the S&P 500 has released quarterly results thus far. Of those companies, about 70% have reported better-than-expected earnings
Prices for the 10-Year U.S. Treasury gained ground, lowering yields to 1.69% from Thursday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.20 to $54.39 U.S. a barrel.
Gold prices advanced $5.20 to $1,507.80 U.S. an ounce.
