Stocks finally succumbed to the stress of the coronavirus rumors and reports, and after an early morning rally, fell decidedly into negative territory. Earnings have been about as expected so far, and of course we are going to get a bevy of reports over the next two weeks.
As for today, by the close the Dow Jones Industrial Average was down 170 points to close at 28,989. The S&P 500 was down 30 points to finish the day at 3,295. Gold was up $6 to trade at $1,571 per ounce, while oil was down $1.35 to trade at $54.24 per barrel WTI.
We’ll keep an eye out for global developments with regards to the coronavirus over the weekend, and then brace for the earnings onslaught next week. Obviously, the virus worries affect many industries and global economic activity, so it is important that fear is controlled. Stay tuned for updates.
Have a great weekend everyone.