How major U.S. stock indexes fared Friday

Darnell Taylor
February 22, 2020

USA stock index futures fell on Thursday, a day after the S&P 500 and Nasdaq closed at record levels, as the number of coronavirus cases outside China increased.

Declines on Friday were led by heavyweights Microsoft Corp, 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 falling 2.5%.

U.S. stocks suffered on Friday as the COVID-19 coronavirus continues to spread. The S&P 500 slid 1%, while the Nasdaq declined by 1.8%.

"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.

Wall Street's fear gauge, the CBOE volatility index, hit its highest level in almost three weeks.

Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.46% from Thursday " s 1.52%.

The Dow Jones Industrial Average fell 262.56 points, or 0.9 per cent, to 28,957.42, the S&P 500 lost 39.79 points, or 1.18 per cent, to 3,333.44 and the Nasdaq Composite dropped 189.39 points, or 1.94 per cent, to 9,561.57.

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In corporate news, Deere shares popped more than 6% on quarterly earnings that beat analyst expectations.

Oil prices dropped $1.08 to $52.80 USA a barrel.

The S&P index recorded 35 new 52-7 days highs and 4 new lows, whilst the Nasdaq recorded 121 new highs and 50 new lows.

On the data front, US producer price index (PPI) rose 0.5 per cent in January, the US Bureau of Labor Statistics reported on Wednesday.

European shares sank. The Stoxx 600 and Germany's Dax each closed 0.9 per cent decrease, whereas London's FTSE 100 reversed its features to complete the day with a drop of 0.Three per cent.

Declining issues outnumbered advancers for a 1.82-to-1 ratio on the NYSE and a 1.94-to-1 ratio on the Nasdaq.

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