Coronavirus knocks stocks from record highs

on Feb8
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Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange.

Bryan R. Smith | AFP | Getty Images

Dow Jones Industrial Average drops 277 points

The Dow slid 277.26 points, or 0.94%, to 29,102.51. The S&P 500 fell 0.54% to 3,327.71. The Nasdaq Composite pulled back 0.54% to 9,520.51. Investors booked some of the week’s sharp gains as worries over the coronavirus’ impact on the Chinese economy persisted.

4-day winning streak snapped

The major averages fell for the first time in five sessions amid worries the Chinese economy could suffer a significant economic slowdown because of the coronavirus outbreak. Ed Hyman of Evercore ISI sees Chinese GDP growth of zero in the first quarter. JPMorgan expects the second-largest economy in the world to expand by just 1% in the first three months of 2020. Not even a much stronger-than-expected jobs report could outweigh those concerns. Still, the major averages posted solid weekly gains.

Caterpillar and Boeing drop, Uber jumps

Caterpillar and Boeing — two bellwether stocks for the global economy — fell  2.83% and 1.37%, respectively, to lead the Dow lower. Uber, meanwhile jumped 9.54% on the back of stronger-than-forecast quarterly results.

What happens next?

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