Stocks – S&P Falls as U.S Coronavirus Scare Sours Sentiment

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By Yasin Ebrahim – The S&P ended in the red Tuesday as selling hit Wall Street following news that the deadly coronavirus had reached the U.S.

The lost 0.27%, while the fell 0.19% and the lost 0.52%.

The U.S. Centers for Disease Control and Prevention announced the first case of the coronavirus in the United States.

The news was met with a wave of selling in airline and casino stocks on fears that a widespread outbreak could disrupt international tourism and dent economic growth.

American Airlines (NASDAQ:), United Airlines (NASDAQ:) fell more than 4%, while Delta Air Lines (NYSE:) fell nearly 3%.

In industrials, meanwhile, Boeing (NYSE:) slumped 3.3% after the aircraft maker pushed back its timetable for regulators to approve the return of the 737 MAX to the middle of the year. That added about 73 points to the Dow’s losses.

A rise in real estate, however, led by Crown Castle (NYSE:), Macerich (NYSE:) and American Tower (NYSE:), helped stem broader-market losses.

In tech, FANG stocks ended mostly in the red, led by Apple (NASDAQ:), offsetting gains in chipmakers Intel (NASDAQ:) and Micron (NASDAQ:).

Jefferies upgraded its rating on Intel (NASDAQ:) to hold from underperform, sending Intel 1.6% higher.

Elsewhere, Tesla (NASDAQ:) jumped 7% after New Street raised its price target on the stock to a sell-side high of $800 from $530.

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