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Stocks - Dow Falls Nearly 500 Points as Virus Fears Hits Wall St Again

Stock MarketsFeb 27, 2020 09:39AM ET
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© Reuters.

By Geoffrey Smith

Investing.com -- U.S. stock market plunged again on Thursday as participants took fright at the prospect of the coronavirus outbreak disrupting U.S. economic life.

By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was down 437 points or 1.6% at 26,475 points. The S&P 500 was down 1.6% and the Nasdaq Composite was down 1.8%. All three indices were slightly paring initial losses which extended to as much as 2.4%.

One of the biggest losers was Microsoft (NASDAQ:MSFT) stock, which fell 3.9% after the software giant joined Apple (NASDAQ:AAPL) in saying that it would miss its first-quarter sales guidance. Microsoft said it expects weakness in its personal computing division, which covers Windows software and Xbox gaming consoles. That accounts for over one-third of group revenue.

Another big loser was Budweiser brewer Anheuser Busch Inbev (BR:ABI) stock, which fell 8.3% after forecasting a dismal first quarter due to the collapse of social drinking in China in January and February. The world’s biggest brewer also said in its quarterly report that it continued to lose market share in the U.S. to hard seltzers.

Booking (NASDAQ:BKNG) stock fell 4.1% after the operator of travel websites warned of a “significant and negative impact” to earnings from the coronavirus, although its fourth-quarter results came in ahead of expectations.

The company said EBITDA in the first quarter would be around $575 million, some 20% below consensus forecasts.

Adding to the general virus-related concerns, U.S. initial jobless claims rose for the third week in a row, while durable goods orders in January also fell short of expectations.

Elsewhere, Virgin Galactic (NYSE:SPCE) stock continued its plummet back to earth, falling 15.3% after Wednesday’s decline of 15.5%. While its down by one-third from its peak only one week ago, it has still more than doubled since listing late last year.

Oil and gas stocks continued to feel the pressure of falling crude prices, which is increasingly putting their debt-servicing capabilities into question. Continental Resources (NYSE:CLR) stock plunged 28% to its lowest since the oil price collapse of 2015, after the company said late on Wednesday that its free cash flow will stagnate, while output growth this year will be less than half the group’s medium-term target.

U.S. crude futures fell 4.9% to $46.30. However, the dollar index, which has benefited from inflows from commodity currencies in recent weeks, fell 0.4% to 98.53 as participants factored in a weaker U.S. economic outlook.

Stocks - Dow Falls Nearly 500 Points as Virus Fears Hits Wall St Again
 

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Comments (12)
John Smith
John Smith Feb 27, 2020 11:19AM ET
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Hey Marc. Ask Ben. He is a really smart guy. Not.
Marc Café
Marc Café Feb 27, 2020 10:57AM ET
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what do I invest in!?
Ben Dover
Ben Dover Feb 27, 2020 10:42AM ET
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Goodbye Trump
Jim Hernandez
Jim Hernandez Feb 27, 2020 10:42AM ET
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Awwww, I hate to see one of our good blogsters leave us. Are you moving to Canada also?
John Smith
John Smith Feb 27, 2020 10:42AM ET
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Just saw a bloombag commercial. He said the virus was Pres. Trumps fault. Thats funny as **** What will these people say next.
kana lee
kana lee Feb 27, 2020 10:39AM ET
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knew this was coming!
수민 김
수민 김 Feb 27, 2020 10:23AM ET
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When will this plummet be over?
Patrick Joly
Patrick Joly Feb 27, 2020 10:23AM ET
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If I knew the answer, I would be rich in a question of hours.
ottin nerner
ottin nerner Feb 27, 2020 10:14AM ET
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building rally for 4 months, it took 4 trading days to crash....
jih ching chai
jih ching chai Feb 27, 2020 10:13AM ET
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will rise before closing
AIM Investor Journal
AIM Investor Journal Feb 27, 2020 9:53AM ET
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I've been reducing everything except precious metal producers. The effects of the fear of a pandemic will be far reaching with cases now beginning to rise in multiple Western countries and no effective quarantine in place. Western governments are only reacting to cases but they need to be proactive to isolate cases or else this will spread quickly.
Think Rational
Think Rational Feb 27, 2020 9:53AM ET
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? Adding to bear momentum are we
Think Rational
Think Rational Feb 27, 2020 9:53AM ET
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1st 2000 point fall was great, now u wonder how far
Lucas Damgaard
Lucas Damgaard Feb 27, 2020 9:51AM ET
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big players using these fears to push down prices, in order to build portfolio cheaper
Greg Gruber
Greg Gruber Feb 27, 2020 9:51AM ET
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Don't forget political ramifications.
Guorong Ou
Guorong Ou Feb 27, 2020 9:46AM ET
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Wall street. When can you stop making money by using all these
Senthil Kumar
Senthil Kumar Feb 27, 2020 9:46AM ET
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If there is no virus fear in Chinese markets, why such fears in U.S. stock markets? Farce, the markets know...retirement savings will keep coming to resurge the markets in a few weeks or months
Edward Chong
Edward Chong Feb 27, 2020 9:46AM ET
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how can mkt keep going 1 straight line. its normal to correct.
vincent li
vincent li Feb 27, 2020 9:46AM ET
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wonderful
 
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