The US markets ended lower on Tuesday, following the holiday on Monday, amid concerns about the economic impact of a deadly coronavirus outbreak in China. Chinese officials revealed the coronavirus outbreak has resulted in six deaths among nearly 300 confirmed cases, with the virus confirmed to be transmissible among humans. Meanwhile, the Centers for Disease Control and Prevention confirmed the first travel-related case of the coronavirus in the United States. It said the first case of coronavirus infection in the US was diagnosed in the state of Washington in a patient who recently returned from Wuhan, China. Meanwhile, the World Health Organization was said to be considering declaring an international public health emergency over the virus, as it did with swine flu and Ebola.
Sentiments were also downbeat on report that the International Monetary Fund (IMF) downwardly revised its forecast for global economic outlook due to bigger than expected slowdowns in emerging markets like India. The IMF said it now expects 3.3 percent global growth in 2020 compared to its previous estimate for 3.4 percent growth. The organization also lowered its 2021 growth forecast to 3.4 percent from 3.6 percent. Besides, President Donald Trump’s impeachment trial began in earnest on Tuesday, with Sen. Majority Leader Mitch McConnell submitting a proposal that could result in a speedy trial and Trump possibly being acquitted of wrongdoing.
Dow Jones Industrial Average dropped 152.06 points or 0.52 percent to 29196.04, Nasdaq declined 18.14 points or 0.19 percent to 9370.81 and S&P 500 was down by 8.83 points or 0.27 percent to 3320.79.
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