Stocks are opening sharply lower on Wall Street, extending a weeklong rout and bringing the Dow Jones Industrial Average 10% below the record high it hit two weeks ago.
FILE - In this Feb. 24, 2020, file photo trader Michael Milano works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Thursday, Feb. 27.
Microsoft became the latest large company to warn investors about the virus’ potential hit to its finances. Meanwhile nations are taking increasingly drastic measures to try and contain the outbreak and the fears over the potential spread in the U.S. are rising. Technology stocks again led the decline. Microsoft lost 2.8%. The software giant told investors that the virus will hurt revenue from its Windows licenses and its Surface devices.
Japan will close schools nationwide to help control the spread of the new virus. Saudi Arabia banned foreign pilgrims from entering the kingdom to visit Islam’s holiest sites.
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