Stocks hit hard by rising coronavirus cases, which near 10,000

Stocks hit hard by coronavirusStocks are being hit hard by concerns over rising coronavirus cases. The escalating spread of the coronavirus rattled global markets for another session, sending share prices tumbling as investors’ concerns mount.

Emily McCormick for Yahoo Finance:

A report that the U.S. is weighing even tighter China travel restrictions amid the coronavirus outbreak has pushed stocks to new session lows — with the S&P 500 Index turning red for the year. Recall that on Thursday, the U.S. already issued a “Level 4” travel warning to dissuade trips to the world’s second-largest economy…

Delta’s move to suspend all flights to China — amid reports that American Airlines may follow suit — help ratchet up coronavirus fears in the market.

Dozens of carriers including United, Cathay Pacific, British Airways and others have slashed or suspended service to China because of the outbreak. Delta was the first in the U.S. to suspend service altogether.

U.S. health officials have quarantined 195 Americans evacuated from Wuhan, China, taking the rare step of issuing a mandatory order for the first time in more than 50 years to help contain an outbreak of a new coronavirus that’s spread to roughly 10,000 people across the globe. “While we recognize this is an unprecedented action, we are facing an unprecedented public health threat,” Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, said on a conference call with reporters Friday.

MacDailyNews Take: As of publication, shares of Apple are currently down $10.58 (-3.27%) per share to $313.29 after marking a session low of $310.05. This too shall pass.

9 Comments

  1. Total doucherie. Investors do realize that there are 1.4 billion Chinese citizens, and 10,000 cases with 200 deaths is, to quite the idiot Michael Dell, a rounding error.

    1. It is 10,000 now, up from a much smaller number last week. That is the point. It seems to be spreading rapidly and people are hoping to stop it from going mainstream.

      1. The reports are over 14,500 now, which is roughly a 50% increase in 48 hours … and the number is reportedly being constrained by a shortage of diagnosis kits.

        For deaths, that’s at 305 (another +50%) and counting … and while that appears to be a low mortality percentage, what’s not clear is how long the malady takes to know how long until the “all clear” is for any individual infection.

        As such, it isn’t 305/14,500 = 2% mortality, but is 305/N, where N is the number of infections which have run their full course which is vastly smaller than 14,500 (or even the 10K from two days ago).

  2. In 2018/2919 in my country of less than 1.5 mil people, 45-55,000 got flu, of which 57 died. No problem. China population 1,427,647,786 and 200 died. World economy collapses.

    1. Anything to crash shares….. People still have to eat, food markets live and dead (in the west), are still the worse, places to be aside from a airport, clinic or hospital.

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