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Dow Down as California Flags Jump in Covid-19 Infections

Published 02/27/2020, 02:11 PM
Updated 02/27/2020, 02:26 PM
© Reuters.

By Yasin Ebrahim

Investing.com – Deeper selling returned to Wall Street, following a short-lived reprieve in afternoon trading Thursday, following reports of a sharp uptick in infections in California.

The Dow Jones Industrial Average was down 712 points, or 2.64%. The S&P 500 fell 2.51% and Nasdaq Composite slumped 2.70%

California Gov. Gavin Newsom said Thursday is monitoring at least 8,400 people for Covid-19, with 28 people in the state confirmed to have contracted the virus.

A day earlier, the CDC confirmed the first infection to a patient in California who did not have "relevant travel history or exposure to another known patient," raising concerns of a rapid outbreak.

The news sparked a renewed bid in safe havens, with 10-Year Treasury yields moving deeper into the red following a bounce off the record low of 1.24% seen early today,

In forex moves, the dollar continued to lose ground against yen. USD/JPY fell 0.5% to Y109.86.

Latest comments

hm, can it be a China retaliation against Trump trade wars...
are those 28 new infections or previous infections evacuated from the cruise ship etc?
Mr Benjamin I'm sure you are not affected as you are not yet infected. Maybe only then will reality strike you. There is no need for a stampede at hospitals. Local government can set up testing stations in the affected areas and people go there as if it was a normal day to place your vote. I'm sure when it's time to cast your vote you are 1st in line, you don't think of stampede. Here we are talking of a virus that is causing mass destruction not only financially but is a risk to everyone's well-being on the face of this earth. Or are you from Mars? I'm suggesting we help speed up the testing process so that we can identify and resolve the problem much quicker before chaos arises. This is what I call thinking out of the box, or do you think only as far as your nose. Stop being complacent and make a difference as people are dying and are infected on a daily basis. Let's all be constructive and stop being negative because I choose life over money & I love my neighbour as I love myself.
The only way to control Covid19 is we all go ourselves to our nearest hospitals, clinics etc and get tested instead of waiting to hear that the virus is roaming somewhere in our community. Our local governments should set up testing stations country wide throughout the world and distribute masks as a safety precaution and once you are negative you should be given some type of documentation as proof. I think that wherever we are in the world, we should draft petitions and get as many people to sign so that government can intervene asap especially in the affected areas. We can't wait for the FED or others to wake up when it will be too late we have to do something collectively and unite and only then will we get somewhere. The Dow just plunged 1900 points, fear causing selling which means this virus is no joke good people. Can someone pls agree to my suggestion???
Nobody is saying to stampede hospitals. Stop spreading lies.
I disagree for one reason , if you suggest that everyone goes to the hospital and get checked if he's positive or negative it will cause a chaos in hospitals and negative people will get infected because of your suggestion I suggest that everyone stay home and wait for the vaccine
this isn't china..
I think the stocks were ready for a crash as you all know there's no such thing as always up
X times more deadly than the common flu ... you don't know how many have been infected.
Hahaha, get ready for reccession like 2008
next week it'll be a lot of selling
Commin flu kills more people than coronavirus
wrong. flu kills .01% while Covid19 kills 2 to 3 % and do the mathe thats 20 times more people than the flu. take world population and do the 2.5% deaths from that number. and when its your friends and family ...it gets real...real fast
well, I think the govt is really understating the impact of the virus. I mean, we have a lot of evidence suggesting that China is burning 1000's of bodies everyday, to prove that virus is no big deal. Plus we had Swine flu in 2010 or so, and not many countries were shutting factories, restricting travel etc..
 , they can't do that kind of math!  :-)  It doesn't play into their propaganda
When the weather gets warmer the virus will be vanished all this is manipulation
Like all those infections in Thailand or Singapore?
I think we should build a wall around the White House and make the “leader” of the Senate pay for it. LOL!
Rhom, LOL, You're a little "funny", aren't you?!
It is just a flue..
very good one :)
looking at how the market reacts you seem to be the only one believing that
Long indices?? 😂😂
now's a great time to build a wall around Cali..
Ol' Thom would have to stay there ??? A thought !
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