Stocks close lower amid rise in coronavirus outbreak

Friday, 14 February 2020 04:26 WIB

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U.S. stocks retreated from records on Thursday, albeit after paring losses, following a change in China's methodology of the COVID-19.

The S&P 500 fell 0.2% to end around 3,374. The Dow Jones Industrial Average shed 128 points, or 0.4%, to end near 29,423, based on preliminary numbers. The Nasdaq Composite edged 0.1% down to around 9,712.

All three major equity benchmarks finished at records on Wednesday. The S&P 500 and Nasdaq snapped a three-day winning streak.

Investors balanced the broadly bullish sentiment against rising uncertainty around the coronavirus that threatens to hit China's economy and spillover elsewhere.

Chinese health officials changed their methodology on how they counted confirmed cases of the coronavirus, resulting in a sharp climb in the number of cases and deaths due to the disease.

A growing number of companies including Alibaba are reporting a negative impact from the viral outbreak.

In other corporate news, Cisco System Inc. shares fell 5.3% even after its second-quarter even after its second-quarter profit and revenue beat Wall Street expectations.

Source : MarketWatch


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