Uncertainty over the coronavirus understandably has the markets a bit unsettled. The longer the crisis takes to unfold and hopefully resolve, the more damage can and will be done to the global economy. As we have talked about, stocks, having had such a great run, are certainly not cheap at this point, and an unforeseen scare like the virus is just the type of catalyst that could let some air out of the balloon.
For the day, the Dow Jones Industrial Average was down 453 points to finish the day at 28,535. The S&P 500 was down 51 points to close at 3,243. Gold was up $9 to trade at $1,580 per ounce, while oil was down $1.22 to trade at $52.97 per barrel WTI.
Remember, it’s a big week for earnings but the virus news will likely take center stage. Regardless, we will see reports from Apple, Microsoft, Visa, Pfizer, McDonalds, Starbucks, Amazon, AT&T, Honeywell, GE, PayPal, DuPont and the beleaguered Boeing- just to name a few. Buckle up, it’s likely to be a bumpy ride for a while.
Have a nice evening everyone.