U.S. stocks dropped lower during trading on Friday after investor fears over the global spread of the Chinese coronavirus washed over markets. As of Friday afternoon, the U.S., Japan, South Korea, Thailand, and France all have confirmed cases of the virus.
Here's how the stock market closed out the week:
S&P 500 Index (SPY ): -0.9% or -30.09 points to 3,295.45
Dow Jones Industrial Average (DIA ): -0.58% or -170.5 points to 28,989.59
Nasdaq Composite Index (QQQ ): -0.93$ or -87.57 points to 9,314.91
In Major Stock News, Boeing (BA ) took another negative hit on Friday after the aerospace company announced that it was considering an added cut to the production of its 787 Dreamliner aircraft. Shares of Intel (INTC ) soared Friday after the chipmaker reported better-than-expected earnings for the fourth quarter and gave optimistic guidance for the first quarter of the new year. Apple (AAPL ) shares hit a record intraday high of $323.32 Friday morning, with the stock getting plenty of bullish remarks from analysts lately. Disney's (DIS ) stock shares fell Friday after the entertainment company announced that its Shanghai amusement park will be close until further notice to help stop the spread of the coronavirus. Similarly, United Airlines (UAL ) tanked on Friday as the total number of virus cases continues to rise all over the world.
In Stock Sector News, every sector except Utilities +0.33% had negative performance growth on Friday. The declines were as follows: Health Care -1.67%, Financials -1.36%, Consumer Discretionary -1.33%, Energy -1.17%, Communication Services -1.04%, Materials -0.69%, Consumer Staples -0.65%, Industrials -0.48%, Information Technology -0.45% and Real Estate -0.23%.
Lastly, in Commodity and Currency News, crude oil prices fell sharply on Friday as investors fear that the continued spread of the virus will lead to restricted trade. West Texas Intermediate (USO ) crashed down almost -2.70% and Brent Crude (BNO ) steeply fell -2.30%, almost dropping below the $60 per barrel mark. Gold (GLD ) saw positive share growth on Friday as investor run to 'safer' investment amid the global uncertainty. Gold prices increased almost +0.60%. Finally, the U.S. Dollar continues to gain strength as the week ends, with the DXY Index increasing +0.20%.
