Wall Street hit records lows as the coronavirus showed up in more countries, sparking fear the outbreak is turning into a pandemic
“The path of this scourge is unknown, therefore you can’t know the economic impact. You can roll the dice but it’s a guess,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.
“The virus will spread somewhat but it doesn’t mean that it’ll make the entire world grind to a halt,” he said. A screen shows the Dow Jones Industrial Average after the close of trading on the floor at the New York Stock Exchange in New York, U.S., February 27, 2020. REUTERS/Brendan McDermid The NYSE Arca Airline index ended down 5.7% on fears about travel disruptions around the world, while the Philadelphia SE Semiconductor index, which includes China-exposed stocks, fell 4.7%.
While it was the biggest boost for the S&P, 3M Co pared gains sharply as the day wore on, ending up just 0.8% at $150.16 after rising as high as $155.43. An analyst had upgraded the stock, citing possible benefit from higher sales of respirator masks during the outbreak.
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