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Friday, 29 March 2024

Stocks plunge as virus fears hit California

Duration: 01:11s 0 shares 1 views

Stocks plunge as virus fears hit California
Stocks plunge as virus fears hit California

Stocks on Wall Street tumbled Thursday as the swift spread of the coronavirus led California to declare an emergency.

As Fred Katayama reports, travel-related stocks took a hit.

Concerns over the coronavirus hammered Wall Street Thursday.

The Dow sank more than 800 points in early trading, down 3%.

The S&P 500 dropped 2.9%.

The plunge comes one day after the S&P rebounded 4% on Joe Biden's surprising lead in the primaries.

Sparking the across-the-board sell-off: news that California declared a state of emergency over the coronavirus outbreak as the U.S. death toll rose to 11.

Travel-related stocks tumbled.

Airline stocks got hit after the International Air Transport Association said the coronavirus could hurt global airline revenue by $113 billion.

Southwest Airlines issued a revenue warning.

United and JetBlue cut flights and implemented steps to control costs.

Shares of cruise line operators Carnival, Royal Caribbean and Norwegian also fell.

Also reflecting investor fears: the benchmark 10-year U.S. Treasury fell back below 1%.

That drove down shares of interest-sensitive bank stocks like Bank of America, Citi, JPMorgan and Morgan Stanley.

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