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  3. US markets end deeply in red amid lingering concerns about coronavirus outbreak

US markets end deeply in red amid lingering concerns about coronavirus outbreak

01 Feb 2020 Evaluate

The US markets ended deeply in red on Friday amid lingering concerns about the coronavirus outbreak, as the death toll from the disease continues to rise. The latest figures from China’s National Health Commission say that at least 213 people have died and about 9,700 have been sickened. The number of people sickened by the new coronavirus in China now exceeds the global total infected with severe acute respiratory syndrome, or SARS, which killed nearly 800 people after emerging from southern China in late 2002 and spreading into 2003, but so far the death toll from the current epidemic is lower. The UK and Russia have also confirmed their first cases of coronavirus infection, raising concerns about the rapid spread of the disease and the impact on the global economy. Besides, adding to the worries, Delta and American Airlines recently announced plans to suspend all flights to China as a result of the outbreak.

On the economic data front, personal income in the US increased by slightly more than anticipated in the month of December, according to a report released by the Commerce Department. The report said personal income rose by 0.2 percent in December after climbing by a downwardly revised 0.4 percent in November. Street had expected income to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month. Disposable personal income, or personal income less personal current taxes, also crept up by 0.2 percent in December after rising by 0.4 percent in November. Meanwhile, revised data released by the University of Michigan showed US consumer sentiment unexpectedly improved in the month of January compared to the previously reported deterioration. The consumer sentiment index for January was upwardly revised to 99.8 from the preliminary reading of 99.1. The index is now up from the final December reading of 99.3.

Dow Jones Industrial Average dropped 603.41 points or 2.09 percent to 28256.03, Nasdaq fell 148 points or 1.59 percent to 9150.94 and S&P 500 was down by 58.14 points or 1.77 percent to 3225.52.

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