Business
Fears linked to coronavirus increase, airlines' reservoir
Traders work on the floor of the New York Stock Exchange on February 28, 2020.
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Dow Jones Industrial Average tanks 969 points
theplunged from 969.58 points, or 3.58%, to 26,121.28. thefell 3.39% to 3,023.94. thealso fell 3.10% to 8,738.60. The stocks wiped out most of their large gains on Wednesday as fears of a coronavirus outbreak continued to keep investors on the lookout.
Coronavirus fears are growing
Fears that the coronavirus will disrupt the global economy continue to take hold of Wall Street as countries around the world extend quarantines and travel restrictions. California has declared a state of emergency after a coronavirus death and 53 confirmed cases in the state. The number of infections in New York City also doubled overnight to 22 as the state steps up its testing.
Bank stocks fall as yields reach new lows
The rate on the The fall in interest rates on Thursday kept the pressure on bank stocks down, leading to a drop in the main indices. and the two fell about 5%. fell 8.04% and sank 5.92%.
Airlines lead the decline
Airlines stocks also suffered a huge blow, driving down the Dow Jones Transportation Average, which plunged into bearish territory on Thursday. United Airlines reached 13.25%, while American Airlines exceeded 13.44%, at the rate of its worst day since 2016.
What happens next?
Investors will monitor a key employment report on Friday to look for any signs of a negative labor market impact from the coronavirus epidemic. The U.S. economy is expected to have created 175,000 jobs in February, up from 225,000 in January.
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