|Day's range||28,892.70 - 29,146.53|
|52-week range||24,680.57 - 29,568.57|
Investors continue to voice concern on a potential president Bernie Sanders.
Top news and what to watch in the markets on Friday, February 21, 2020.
So far this year, it hasn’t taken much of a blow to knock investor sentiment back down after bubbling up – and that’s a good sign for stocks, according to at least one strategist.
The manufacturing sector also clocked its lowest reading since August. Declines on Friday were led by heavyweights Microsoft Corp, Amazon.com Inc and Apple Inc for a second straight day. Chipmakers, heavily reliant on China for their revenue, also took a beating, with the Philadelphia Semiconductor index slipping 2.1%.
U.S. stocks fell in early trading Friday as cases of the new virus swelled in South Korea and more companies warned investors about a hit to their profits and revenue. Technology companies led the losses. Chipmakers, whichrely heavily on China for both sales and supply chains, were some of the worst hit.
The yield on the 30-year US Treasury hit a record low after disappointing data stirred concerns about the outlook for the US economy and triggered a broad rally for government bonds and a sell-off that drove Wall Street stocks lower. The weak data, showing an unexpected contraction in activity within the US services sector, added to broader investor concerns about the impact the coronavirus will have on global growth that knocked US and European stocks back from record highs earlier this week.
Global stock markets slipped on Friday after a spike in new virus cases in South Korea and other countries refueled investor anxiety about China's disease outbreak. Benchmarks in Tokyo, Hong Kong and Sydney closed down and London, Frankfurt and other European indexes were trading lower. Bond markets are “sounding a warning on global growth” as virus fears spread to South Korea, Singapore and other economies, DBS analysts said in a report.
U.S. stocks fell on Thursday, led by declines in technology heavyweights, after reports of new coronavirus cases in China and other countries intensified fears over its spread and impact on the global economy. Investors were unnerved by a sharp late-morning drop that took the S&P 500 briefly down more than 1% on the day, with some traders attributing the move to a Global Times report that a central Beijing hospital had reported 36 new cases. "The overlying question is the uncertainty over the coronavirus and whether it's going to spread further and impact global economic activity before things stabilize and ultimately get better," said Michael Sheldon, executive director and CIO at RDM Financial Group at Hightower in Westport, Connecticut.
US and European stocks pulled back from record highs, with Wall Street’s main equities gauges at one point tumbling more than 1 per cent. The S&P 500 and Dow Jones Industrial Average each closed about 0.4 per cent below Wednesday’s record highs, staging gradual recoveries in the afternoon to recover from drops of as much as 1.3 per cent late in the morning session.
Global shares mostly dipped Thursday as several companies estimated that the outbreak of the new coronavirus in China will weigh on their earnings. Britain's FTSE 100 was flat at 7,458. Companies including the world's biggest shipper, A.P. Moller Maersk, and Air France detailed the costs of the virus.
The rally in U.S. equities took a pause and the strong dollar got stronger on Thursday, rising to a three-year high against a basket of trading partner currencies, after a steep slide in the Japanese yen called into question its safe-haven status. Gold prices hit their highest in seven years as investors sought safe-haven assets after a rise in the number of new coronavirus cases in South Korea. Oil prices rose, supported by China's efforts to bolster its virus-weakened economy.
Asian stocks edged up on Thursday, supported by a fall in coronavirus cases and expectations of more Chinese stimulus to offset the economic impact of the epidemic, while the Japanese yen nursed heavy losses after suffering its steepest drop in six months. The epicentre of the outbreak in China's Hubei reported just 349 new cases on Thursday, the lowest since Jan. 25, although it was accompanied by a change in diagnosis rules. China is widely expected to cut its benchmark lending rate on Thursday, adding to a slew of fiscal and monetary measures in recent weeks aimed at cushioning the virus' impact on the economy.