Dow Jones Industrial Average falls 170 points
The Dow slid 170.36 points, or 0.58%, to 28,989.73. The S&P 500 dropped 0.90% to 3,295.50. The Nasdaq Composite declined 0.93% to 9,314.91. Rising fears over the coronavirus’ impact on the global economy left investors dumping stocks in search of safer assets.
Coronavirus sparks flight to safety
The CDC confirmed earlier on Friday a second U.S. case of the deadly coronavirus. The news led to money flowing into traditional safe havens such as gold and Treasurys and away from risk assets such as stocks. The 10-year Treasury yield broke below 1.7%, a key level watched by traders. Gold futures climbed 0.4%. Worries over the coronavirus were enough to offset strong earnings from American Express and Intel.
Airlines drop, Boeing stages big turnaround
Airline stocks United and American fell 3.51% and 4.03%, respectively, amid fears the coronavirus spread would hurt the travel industry. Boeing, meanwhile, closed 1.66% higher after staging a massive turnaround.
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