Wall Street plunges on fears of coronavirus pandemic

Automatic TRANSCRIPT

But let's start with the state of the stock market which on fears of the corona virus spreading new details emerging more places being hit with the coronavirus mission impossible the movie is being filmed in Italy they've halted production because of an outbreak in the country lots of cases like this where other countries outside of China or being hit by the coronavirus the Dow Jones dropped one thousand thirty one below twenty eight thousand to twenty seven thousand nine sixty I think that's about a three percent drop I was following during the day and it was just above twenty eight so I think that's three or just above three percent S. and P. five hundred declined a hundred eleven to thirty two twenty five nasdaq down three fifty five to ninety two twenty one and as expected gold up by almost thirteen dollars to sixteen sixty one which is quite typical when you see uncertainty or drops in the market people will start moving into gold specially on fears of into the world kind of stuff like pandemics West Texas intermediate traded lower by just over two dollars down to fifty one dollars and thirty four cents Reuters reported wall street's three major averages plunged on Monday as investors ran for safety after a surge in corona virus cases outside China fanned worries about the global economic impact of a potential pandemic investors sold riskier assets then rushed to traditionally safer bets such as gold and US treasuries after countries including Iran Italy and South Korea reported a rise in virus cases over the weekend even as China eased curbs with their new with new no new cases reported in Beijing or other cities no new cases yeah we trust you the benchmark S. and P. five hundred and the blue chip Dow turns negative for the year to date and the Dow dropped more than a thousand points only the third time in its history for such a large decline in just one day both the Dow and the S. and P. five hundred block their biggest one day percentage declines since February of last year the technology heavy nasdaq had the biggest percentage drop down three point seven one percent chief investment strategist at Janney Montgomery Scott and in Philadelphia marvelous she said we're not likely to make any progress higher until we have evidence the spread of the coronavirus is decelerating the Dow Jones industrial average fell one thousand thirty one point sixty one points or three and a half or three point five six percent to twenty seven nine sixty the S. and P. five hundred lost a hundred eleven or three point three five percent and the nasdaq dropped three point seven one percent all of the eleven major S. and P. sectors closed in the red led by the energy sector's four point seven percent decline and followed by a four point two percent drop in technology stocks apple slid four point eight percent as data showed sales of smartphones in China tumbled by more than a third in January China exposed chip makers fell with the Philadelphia Essie semiconductor index dropping almost five percent while concerns about growing tech travel curbs drag the New York Stock Exchange arca airline index down six percent of the SNP's sectors the defensive utilities real estate and consumer staples indexes fell the least on the day adding to worries Goldman Sachs slashed its US growth forecast on Sunday and predicted a more severe impact from the

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