Stocks drop on fears coronavirus will hit China's economy
Stocks fell Friday as worries over the coronavirus’ impact on the Chinese economy outweighed the release of stronger-than-expected U.S. jobs data.
The Dow was down 260 points, while the S&P 500 and the Nasdaq slid 0.5%. Those losses put the major averages on pace to snap a four-day winning streak.
China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths. These numbers have stoked worries about how China’s economy — the second-largest in the world — will be affected. Chinese economic slowed down last year to 6.1% from 6.8% in 2018.
“China is really slowing and that’s worrying people for sure,” said Ed Hyman, the chairman of Evercore ISI, on CNBC’s “Squawk on the Street.” “People are not going out. They are not shopping, and that’s what’s hurting particularly China.” Hyman added he sees 0% growth for the Chinese economy this quarter.
https://www.msn.com/en-us/money/markets/stocks-drop-as-virus-fears-overshadow-strong-jobs-report/ar-BBZKEGN
= new reply since forum marked as read
Or did the markets just drop so the traders could siphon off some profits?
