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Stocks - Wall Street Falls Again in Worst Weekly Loss Since ’08

Stock MarketsFeb 28, 2020 04:10PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - Wall Street capped off Friday with its biggest weekly loss since the financial crisis. But the Federal Reserve's pledge to support the economy in wake of a growing coronavirus epidemic helped at the end of the day, with buyers coming in.

The Dow Jones Industrial Average fell 1.38%. The S&P 500 slipped 0.83% and Nasdaq Composite ended flat.

Federal Reserve Chairman Powell on Friday, in an unscheduled statement, stoked rate-cut hopes, saying the central bank would act to support the economy after he conceded that the coronavirus was a threat to the economy.

Investor sentiment was also boosted by reports the Trump administration is mulling economic responses to the coronavirus, including a targeted tax-cut package.

The rapid pace of the outbreak shows no sign of easing, with more than 82,000 cases reported worldwide, following a jump infection in South Korea and Italy this week. While Nigeria and New Zealand also reported their first infections.

The World Health Organization on Friday raised its risk assessment of the Covid-19 to a "very high" global level from "high" in late January but stopped short of declaring a coming pandemic.

In mainland China, however, infections are slowing and authorities are ramping up efforts to open factories in a bid to alleviate supply chain disruptions.

“It feels to me that China isok getting the coronavirus under control. You look at the numbers, they’re coming down day by day by day.” Apple CEO Tim Cook said after claiming that Apple’s factories in China were nearing full production.

Apple (NASDAQ:AAPL) ended lower for the day, but the broader tech market was underpinned by rally in chip stocks, with bargain-hunting investors seemingly eager to snap up beaten-down semis like Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) and Micron Technology (NASDAQ:MU).

The Philadelphia Semiconductor Index ended the day 2% higher.

Energy stocks shrugged off a steep selloff in oil prices to end the day in positive, helping to spark a rebound in the broader market.

On the earnings front, meanwhile, investors had to contend with mixed quarterly reports.

Beyond Meat (NASDAQ:BYND) (NASDAQ:BYND) slumped 15% after the company reported a surprise quarterly loss, which offset better-than-expected revenue.

Wayfair (NYSE:W) fell 10% after its quarterly earnings fell short of Wall Street estimates as costs continue to rise amid a recent ramp-up in hiring.

Stocks - Wall Street Falls Again in Worst Weekly Loss Since ’08
 

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Comments (8)
Gilbert Schwob
Gilbert Schwob Feb 29, 2020 5:18AM ET
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Still lower interest rates plus (?) lower taxes means INFLATION even if denied. Inother words FED will keep funding corporations to the detriment of 98% of thepeople, In other words, to keep the actual economy (and reelection) going on  Up to now, the wealthiers (1% oftax payers)took profit of 27% of the whole GDP, meanwhile the large corporations take profit of their granted lons to buy back their own shares creating selective shareholders groups ... as in 1929!   However such a similarity stops thanks to tech innovations (5G). This may hide the issues up to the Election Day. Thenafter no one will be able to avoid reality to show up. However, Coronavirus may disturbe such a project, speeding up reality.
David Wong
David9 Feb 29, 2020 5:18AM ET
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But we don't see inflation.
Gilbert Schwob
Gilbert Schwob Feb 29, 2020 5:18AM ET
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David Wong  Indeed, but this doen't mean there is no, it just means that it is transferred: 1% of the wealthiers enjoy 27% of the whole GDP. Therefore lower payrolls are just paying  for a hidden inflation; corporations are buying back their own shares thanks to repo-credits: the sharesl value increases but not the corporations values. This works out, IMO, as long as there is enough turnover. On a failing turnover, any corporation has the choice: either raising prices or creating jobless, if not both!
David Wong
David9 Feb 28, 2020 8:42PM ET
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By the end of this year, I predict the market will have 20% gained.
Trevor Ribbans
Trevor Ribbans Feb 28, 2020 8:42PM ET
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That puts spy at like 388 🤔 i dont think so
rob finch
rob finch Feb 28, 2020 7:31PM ET
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Special thanks to the folks that sold me your equities today at a discounted rate. I appreciate your charity.
Dion Burger
Dion Feb 28, 2020 7:31PM ET
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... Until ot drops another 10% lol. This is leg 1 down... Next month leg 2 should come after a bounce. Careful!
andor kovács
andor kovács Feb 28, 2020 6:37PM ET
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next week everything goes back
Jérémie Ponseel
Jérémie Ponseel Feb 28, 2020 6:37PM ET
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Who knows it depend on the outbreak. It s easy to track it s everwhere in the news
MR JRH
MR JRH Feb 28, 2020 4:35PM ET
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the plunge protection team always win in the long run
Aaron Last Name
Aaron Last Name Feb 28, 2020 4:25PM ET
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plunge protection team gets the credit
Allen Bond
Allen Bond Feb 28, 2020 4:25PM ET
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looks like the plunge protection team is a bit late to the party
David Wilder
David Wilder Feb 28, 2020 4:18PM ET
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Lowering rates is "a symbolic gesture", its window dressing. It will do little to re-stimulate economic growth...
Gregory Zamor
Gregory Zamor Feb 28, 2020 4:12PM ET
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Who gets credit this time?🤔
 
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