Uh, the Dow is down another 900 points
U.S. stocks plunged in afternoon trade after the Centers for Disease Control warned Americans to prepare for a coronavirus outbreak and investors attempted to assess the impact of the epidemic in China on global trade and travel.
What’s driving the market? Investors fear supply line disruptions may hit technology companies dependent on Chinese and South Korean factories in particular. Apple Inc. AAPL, -2.13% and Facebook Inc. FB, -0.94% have now fallen more than 10% from record highs seen last month. Officials for the Centers for Disease Control and Prevention warned Americans on Tuesday that the outbreak “might be bad,” and that Americans should prepare for the possibility of disruptions.“I think people should be as calm as possible,” said Larry Kudlow, President Donald Trump’s top economic advisor, in a CNBC interview Tuesday, while stressing that, so far, the U.S. has been able to contain the coronavirus. “On the economic side, there is no tragedy in the U.S.,” he said.
With speculation growing over the potential for a Federal Reserve interest rate cut as worries grow over the effects of the viral outbreak, investors will pay close attention to remarks by Fed Vice Chairman Richard Clarida scheduled for 3:15 p.m. Eastern.
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