Dow Jones Industrial Average tumbles 603.41 points
The Dow plummeted 603.41 points, or 2.09%, to close at 28,256.03. The S&P 500 shed 1.77% to 3,225.52. The Nasdaq Composite dropped 1.59% to 9,150.94. Stocks ended January on a disappointing note after concerns around the deadly coronavirus intensified.
January gains wiped out
The Dow and S&P 500 lost their gains for January on Friday after China’s National Health Commission confirmed on Friday that there have been nearly 10,000 confirmed coronavirus cases, with the death toll rising to more than 210. Airlines such as American, United and Delta announced they are curbing travel between China and the U.S. as fears around the sickness grew. The U.S. government also declared the virus a national health emergency. Investors added exposure to Treasury bonds, with the 30-year rate falling below 2%, a key level.
Airlines fall, Amazon surges
United shares fell nearly 4% while American Airlines and Delta slid 3.2% and 2.4%, respectively. Amazon, meanwhile, bucked the negative trend with a 7.4% surge after its quarterly results blew estimates out of the water.
What happens next?
Wall Street will be vigilant next week as any updates on the coronavirus surface. Google-parent Alphabet is set to release quarterly earnings Monday after the bell. Read more here.
Stocks ended January on a disappointing note after concerns around the deadly coronavirus intensified.