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Stocks - Wall Street Bloodbath Continues as Pandemic Fears Intensify

Stock MarketsFeb 25, 2020 04:13PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P plunged for the second session in a row Tuesday as traders ditched stocks for safe havens, with global health authorities sounding the alarm on a "likely" coronavirus pandemic.

The S&P 500 slumped 3.03% and the Nasdaq Composite fell 2.77%.

The Dow Jones Industrial Average fell 3.15%, bringing its two-day loss to more than 1,900 points..

Energy and financial stocks were among the worst hit as traders continued to reassess the impact of the virus on global growth, with new outbreaks in Asia, Europe and the Middle East stoking fears of a coming pandemic.

"Current global circumstances suggest it’s likely this virus will cause a pandemic," Anne Schuchat, principal deputy director of the Centers for Disease Control and Prevention (CDC) told reporters at a news briefing.

The CDC also said the it was "inevitable" that Covid-19 would spreadin in the U.S. and that Americans would face disruptions to their daily lives. That statement pushed stocks to their lows of the day in afternoon trading.

There have been confirmed 53 cases of Covid-19 in the U.S. A spate of infections were also identified across the Middle East, including two more cases in Oman, six more in Bahrain, while in Europe Switzerland confirmed its first case.

Rising worries over global growth, stoked concerns about the U.S. economy, sending the UUnited States 10-Year Treasury yield to record low 1.307% during the trading day, pressuring financials like bank stocks lower.

Bank of America (NYSE:BAC) slid 5%, Goldman Sachs (NYSE:GS) sank 3% and JPMorgan (NYSE:JPM) lost 4.4% as a fall in bond yields tends to weigh on net interest margin.

The decline in JPMorgan came even as Wall Street Bank said it expects to post a "mid teens" increase in trading revenues for the first quarter. The most recent quarterly results showed stronger trading revenue helped banks offset a slowing net interest income amid a low interest rate environment.

Energy fell 4%, paced by a decline in U.S. oil prices, which settled under $50 a barrel for the first time in two weeks on worries about virus' impact on global oil demand.

The International Energy Agency's outlook on global oil demand growth has fallen to its lowest level in a decade, IEA Executive Director Fatih Birol said on Tuesday, and he warned of further demand pressures due to the impact of the coronavirus outbreak.

A mixed slate of earnings, meanwhile, did little to influence direction.

Shake Shack (NYSE:SHAK)'s (NYSE:SHAK) fiscal fourth-quarter revenue missed analysts' estimates and guidance also fell short, sending its shares down 14%.

HP (NYSE:HPQ), meanwhile, climbed about 5.6%, underpinned by fiscal first-quarter earnings that beat consensus estimates and a new plan to return capital to shareholders.

The economic front offered little comfort, as weaker-than-expected U.S. consumer confidence data raised doubts about the underlying strength of the economy.

Stocks - Wall Street Bloodbath Continues as Pandemic Fears Intensify
 

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Comments (17)
Jack Drummond
Jack Drummond Feb 26, 2020 1:46AM ET
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WHO can't prevent Chinese meat markets selling wild game. It's where this flu came from. Humans living in the same quarters as pigs and chickens pick up animal flu- then the flu mutates so that it can be passed between people. It's been that way every year. If you've got a beef with Xi, it should be that these practices are still permitted. The worldwide economic panicking is because China failed to keep quarantines and they are also the interrupted engine of cheap goods in the worldwide supply chain. This corona virus will come to the US and it will ********Americans, as it does every year. So, good luck with that.
Nathan Kim
Nathan Kim Feb 26, 2020 1:46AM ET
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not a flu. It had links of scientists selling these animals that they experimented on for Bio weapon usage.
Christine Elaine
Christine Elaine Feb 26, 2020 1:46AM ET
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Nathan Kim China is dirty, unsanitary, and criminally CORRUPT!  If the Communist Chinese Government wasn't forcing their people into poverty and starvation, they wouldn't be eating dogs, cats, rats, BIG HAIRY SPIDERS (yes, they sell them on the street like New Yorkers sell hot dogs), snakes, bats, tiger penis,  other ass-backwards nonsense that causes so much death and mayhem., AND,  If they did not have to LIE , to their own people,  and intimidate / kill anyone who opposes their tyranny, and spread BS propaganda to their people, and the rest of the world, in order to maintain their death grip on everyone's life/pocketbook, the world would be a much better place.  Sadly, the Communists in our own Democratic Party are doing their best to adopt the same sick ideology here.  They want to OWN you and force you to depend on them.  They could care less how many people die as long as their pockets, and THEIR stomachs are full at the end of the day.
Sandy Prima
Sandy Prima Feb 25, 2020 10:29PM ET
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make some maneuvers, then
TeaMaker Tex
TeaMaker Tex Feb 25, 2020 9:59PM ET
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Oil demand falling in europe with the spread of the virus.
Jason Patcher
Jason Patcher Feb 25, 2020 9:13PM ET
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of Xi had any honor he would resign
Star Boi
Star Boi Feb 25, 2020 9:13PM ET
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Hahahaha, that's funny. :P If only. There has been pressure on him and it will come and go. He won't be removed easily. He has his eyes set on a shiny new statue of himself in the square.
David David
David9 Feb 25, 2020 9:13PM ET
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The world needs President Xi to lead in this time. President Xi is doing a great job so far.
Star Boi
Star Boi Feb 25, 2020 9:13PM ET
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David David I think you are seeing the world through rose coloured glasses my Chinese friend. The world will do just fine without President Xi and it certainly DOESN'T NEED him. As for China, that is for the Chinese Communist party to decide, NOT its people (obviously). My point to you it this, it's a PARTY of people (team), a man like Xi is just a man, he is not the party and therefore not indispensable. I don't mean any disrespect to President Xi. However, I think your judgement is emotionally compromised.
David David
David9 Feb 25, 2020 9:13PM ET
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President Xi is the head of the household, just like in a family, the parents will make all final decisions. President Xi plan 10 years out, so short term weakness and challange is nothing.
Brady Murray
Brady Murray Feb 25, 2020 9:13PM ET
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lol. he's a commie liar
Mukesh Mishra
Mukesh Mishra Feb 25, 2020 9:13PM ET
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until we have clear control over Covid19, this fall will continue bcos this will affect revenue and profits of every companies
Jeffrey Cachia
Jeffrey Cachia Feb 25, 2020 8:57PM ET
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Bounce tomorrow. The world is not ending.  Jeffrey Cachia
Feb 25, 2020 8:57PM ET
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Dead cat bounce.
rob finch
rob finch Feb 25, 2020 8:49PM ET
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...then Summertime arrives and viruses subside and all the happy chicoms go back to making apples.
Jeffrey Cachia
Jeffrey Cachia Feb 25, 2020 8:49PM ET
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That would be great. Until it came back the following season....
Thang Le Ha
Thang Le Ha Feb 25, 2020 8:06PM ET
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WHO should disband
Chris Sundo
Chris Sundo Feb 25, 2020 6:47PM ET
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The W.H.O. has been bought out by the Chinese and is no longer a reliable source of timely information because the W.H.O. is too far behind the curve on issuing alerts. Very sad. Xi is primarily responsible for over 3000 deaths. Xi owes the world BIG TIME ! And Abe too! Both these vain leaders interrupted the flow of early warnings in favor of planned festivities they had planned far in advance, an IRRESPONSIBLE ACT in the face of patient needs. Now the W.H.O. has been holding Xi's hand and been busy praising Xi and busy giving love back to Xi for all the billions Xi had donated to the W.H.O. USA CDC a better and more reliable bet than the W.HO. MAKE NO MISTAKE ABOUT IT. CENSORED SOCIETIES LIKE JAPAN AND CHINA WILL QUICKLY REVEAL INCOMPETENCE IN THE RESULTS, EVEN AFTER IT HAS BEEN UNCOVERED HOW THEY TRIED TO REPRESS THE TRUTH. EGG ON THE FACE OF CHINA AND JAPAN !
trung le
trung le Feb 25, 2020 6:47PM ET
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ya stay away from them cracks
David David
David9 Feb 25, 2020 6:23PM ET
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The World does owed China big time. If it wasn't for China leading the containment, we would see far worst.
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Mike ND
Mike ND Feb 25, 2020 6:23PM ET
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You are always talking about how wonderful it is over there then try and find a flight and pack your bags.
Jeffrey Cachia
Jeffrey Cachia Feb 25, 2020 6:23PM ET
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Don't eat bats!
Ian Choi
Ian Choi Feb 25, 2020 6:23PM ET
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My goodness... the amount of bigotry that's on this article is insane. Is everyone reading from reliable sources? It was the Mayor of the city who delayed reporting to their central government which delayed the whole process of containing the spread. China is also bearing the negative effects of it all. Y'all needa research more.
Triplicis Mundi Summum
Triplicis Mundi Summum Feb 25, 2020 6:23PM ET
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Your english seems broken, Wong. You mean China owes the world, not the other way around, for unleashing Covid-19, SARS, annual flu, any other such horrible virulance.
Timothy Yap
Timothy Yap Feb 25, 2020 6:23PM ET
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Triplicis Mundi Summum Triplicis Mundi Summum forget to take his medication again. 
Chris Sundo
Chris Sundo Feb 25, 2020 5:51PM ET
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Bruce Aylward of the W.H.O. says that China's advance in bringing the virus under control amounts to THE WORLD OWING CHINA !!! LOL, China's and Xi's incompetence caused the spread into the world and now they are trying to brainwash themselves after having bought the WHO into their pocket. Ridiculous.  The W.H.O. is grossly incompetent and should be dismantled.
Chazlin Naidoo
Chazlin Naidoo Feb 25, 2020 5:25PM ET
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I wish the world health organisation can tackle the HIV virus the way they do with the Coronavirus. If there has been a cure for these deadly diseases which kills in a matter of days then I'm sure there's a cure for Aids too. The Ibola virus which broke out in Congo killed thousands in a matter of hours and there was a cure in no time. I personally think those fat cats (billionaires) are playing us all by manipulating the markets in their favour. It's just a thought...
Meelaud Boozary
Meelaud Boozary Feb 25, 2020 5:25PM ET
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......hours? Where do you get your info? If there was a cure, why would the rich also die from these diseases?
Chazlin Naidoo
Chazlin Naidoo Feb 25, 2020 5:25PM ET
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I'm not talking about ordinary rich people. Here we talking about super rich tycoons, your life does not matter to them. These guys control the world that's the type of money we are talking of here boss. Just a simple example, do you know the Gupta brothers? They are nothing compared to the rest but the entire world knows about them. They have rocked the entire world including the U.S.A and still many can't believe, so don't be fooled. When they say money is the root of all evil then you better believe it.
shaikh uzaif
shaikh uzaif Feb 25, 2020 5:12PM ET
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i show gold 1722 near 5 days
John Mars
John Mars Feb 25, 2020 5:04PM ET
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I guarantee that picture is from 2015.
Feb 25, 2020 5:04PM ET
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They repost the same pictures all the time im always seeing the one with the old crazy scientist looking dude with a DOW20,000 hat on
Ben Webb
Ben Webb Feb 25, 2020 5:04PM ET
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Easier than taking new pictures and leaves interns to do more important things like get coffee.
WAi Lam
WAi Lam Feb 25, 2020 5:04PM ET
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I think i am going to sleep and think of happy things like christmas is only ten months away
WAi Lam
WAi Lam Feb 25, 2020 5:00PM ET
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Bad market all stress out
Tapani Murto
Tipsu Feb 25, 2020 4:22PM ET
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I would just like to know who are these distressed people in these types of pictures? Did they lose a lot of money and are they ok?
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John Mars
John Mars Feb 25, 2020 4:22PM ET
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It is a good question, I want to know want to know too because they are super annoying dramatized pictures.
Eduardo Freire
Eduardo Freire Feb 25, 2020 4:22PM ET
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I agree, I'm not sure I'll be able to sleep tonight without knowing!
malek abu alhaj
malek abu alhaj Feb 25, 2020 4:22PM ET
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getty images...I hope you can sleep now
John Mars
John Mars Feb 25, 2020 4:22PM ET
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They post these pictures like someone's loved one died when in fact the market dropped a little. It is all a money maker for the website.
Tom Walt
Tom Walt Feb 25, 2020 4:22PM ET
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twist and turns tonight;+)
 
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