Stock Market Overview
The S&P 500 Index ($SPX) on Monday closed down -1.57%, the Dow Jones Industrials Index ($DOWI) closed down -1.57%, and the Nasdaq 100 Index ($IUXX) closed down -2.07%.
U.S. stock indexes, along with most other global stock markets, fell sharply on Monday with the S&P 500 and Nasdaq 100 Index at 2-1/2 week lows and the Dow Jones Industrials at a 3-week low as the spread of the deadly Chinese coronavirus fueled concern about slower economic growth in China and the world in general.
Concerns intensified over the weekend as the China coronavirus continued to spread. The latest data show 2,744 confirmed cases of the virus and at least 80 deaths. Mainland China accounts for 98% of confirmed global infections but the virus has spread to more than 12 other countries. On Sunday, China announced an extension of its Lunar New Year holiday until Feb 2 from Jan 30 to help battle the spread of the virus.
Energy-producing stocks retreated Monday as Mar WTI crude oil fell -1.94... Read more
Pfizer's ongoing restructuring is significantly reducing revenue, resulting in a $337 million loss in its fourth quarter and a slight miss of Wall Street's profit expectations.
NEW YORK (AP) — Stocks are opening broadly higher on Wall Street a day after the S&P 500 had its biggest drop since early October. Technology companies were putting up some of the biggest gains early Tuesday. Whirlpool and Xerox rose after reporting solid results. Markets remained closed in China for Lunar New Year holidays, while South Korea's benchmark sank as it reopened after its own holidays. The S&P 500 rose 11 points, or 0.3%, to 3,254. The Dow Jones Industrial Average added 62, or 0.2%, to 28,599, and the Nasdaq rose 47, or 0.5%, to 9,184 Bond prices fell. The 10-year Treasury yield rose to 1.62%.
WASHINGTON (AP) — U.S. home prices rose at a faster pace in November than the previous month as lower mortgage rates and a sharp drop in available properties have pushed would-be buyers to bid up home values.
LONDON (AP) — B ritain decided Tuesday to allow Chinese tech giant Huawei to supply new high-speed network equipment, ignoring U.S. government warnings that it would sever intelligence cooperation if it did not ban the company.
WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose in December as a big jump in demand for military aircraft offset a sharp decline in commercial aircraft that reflected Boeing’s continued problems with its 737 Max. A key category that tracks business investment fell by the largest amount in eight months.
AUBURN HILLS, Mich. (AP) — Auto parts supplier BorgWarner is acquiring Delphi Technologies in an all-stock deal valued at approximately $3.3 billion, partly to help strengthen its power electronics products.