Virus outbreak, data stoke growth worry to drive stocks lower | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
May 30, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, MAY 30, 2025
Virus outbreak, data stoke growth worry to drive stocks lower

Global Economy

Reuters
01 February, 2020, 09:10 am
Last modified: 01 February, 2020, 09:53 am

Related News

  • Shares up slightly, dollar struggles as investors consider tariff truce
  • Global stocks, dollar surge as US, China agree 90-day tariff relief
  • Stocks and dollar fall as Trump's Fed attacks jangle nerves
  • Shares fall in Asia as Nvidia curbs fan worries, gold hits record
  • Trump confirms no plans to suspend global tariffs despite US stock market dip

Virus outbreak, data stoke growth worry to drive stocks lower

Economists fear the coronavirus could have a bigger impact than Severe Acute Respiratory Syndrome (SARS) since China’s share of the world economy is now far greater

Reuters
01 February, 2020, 09:10 am
Last modified: 01 February, 2020, 09:53 am
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, US, January 8, 2020. REUTERS/Brendan McDermid
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, US, January 8, 2020. REUTERS/Brendan McDermid

Wall Street's major averages tumbled more than 1.5% on Friday, sealing its worst week in six months, as the spreading coronavirus outbreak, coupled with sluggish US economic data and a mixed batch of corporate earnings, fueled concerns about global growth.

After suffering its biggest one-day percentage decline since October 2, the S&P 500 is down more than 3% from its closing high hit earlier in January, as businesses struggle with supply problems from the coronavirus epidemic that has killed 213 people in China and been declared a global emergency.

The Centers for Disease Control and Prevention (CDC) said it had issued a quarantine order for all Americans repatriated from China to an air base in California. However, stocks pared losses late in the session as the agency director, Robert Redfield, said the risk to the US public is low.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Delta Air Lines Inc lost 2.38% and American Airlines Group Inc fell 3.17% after the companies said they would suspend all flights to mainland China.

Economists fear the coronavirus could have a bigger impact than Severe Acute Respiratory Syndrome (SARS), which killed about 800 people between 2002 and 2003 at an estimated cost of $33 billion to the global economy, since China's share of the world economy is now far greater.

US data showing consumer spending rose steadily in December while wage gains indicated moderate growth in consumption amid contracting business investment added to the growth concerns. Additionally, a report on manufacturing in the Midwest hit a four-year low for January.

"We spent most of this week still with this kind of euphoric optimism about the US market, and today that finally began to fade... people are finally starting to get concerned," said Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.

"(The virus is) going to take a toll on the global economy, and investors are just starting to realize that now here in the US"

Amazon.com Inc was a bright spot, surging 7.38% on better-than-expected results for the holiday-quarter that pushed it back into the $1 trillion market capitalization club.

Gains in Amazon helped the consumer discretionary index rise 0.82%, the only sector on the plus side. Energy was by far the worst performer, tumbling 3.18%.

Oil majors Exxon Mobil Corp and Chevron Corp were the primary drags on the sector as each dropped more than 4% after disappointing results.

The Dow Jones Industrial Average fell 603.41 points, or 2.09%, to 28,256.03, the S&P 500 lost 58.14 points, or 1.77%, to 3,225.52 and the Nasdaq Composite dropped 148.00 points, or 1.59%, to 9,150.94.

For the week, the Dow fell 2.5%, the S&P lost 2.1% and the Nasdaq declined 1.8%. Both the Dow and S&P 500 had their worst weekly performances since early August. For the month, the Dow lost 1%, the S&P slipped 0.2% and the Nasdaq rose 2%.

Visa Inc fell 4.44% after its quarterly revenue missed estimates and the payments network warned of incentives hitting 2020 results.

International Business Machines Corp gained 5.09% after it named a new chief executive officer.

Declining issues outnumbered advancing ones on the NYSE by a 3.58-to-1 ratio; on Nasdaq, a 3.35-to-1 ratio favored decliners.

The S&P 500 posted 33 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 54 new highs and 121 new lows.

About 9.03 billion shares changed hands in US exchanges, compared with the 7.61 billion daily average over the last 20 sessions.

World+Biz / Top News

deadly coronavirus / Global stocks

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Attackers vandalise the windows of the residence of Jatiyo Party (JaPa) Chairman GM Quader and set fire to a motorcycle in Rangpur on 29 May 2025. Photo: TBS
    Jatiyo Party chief GM Quader's house in Rangpur attacked; SAD activists blamed
  • BAT Bangladesh has to vacate Mohakhali HQ as SC rejects lease appeal
    BAT Bangladesh has to vacate Mohakhali HQ as SC rejects lease appeal
  • NBR officers declare chairman persona non grata at headquarters
    NBR officers declare chairman persona non grata at headquarters

MOST VIEWED

  • Dhaka areas at a gridlock on Wednesday, 28 May 2025. Photo: Syed Zakir Hossain/TBS
    BNP, Jamaat rallies: Traffic clogs Dhaka roads, including Motijheel, Paltan, Dainik Bangla intersection
  • IFIC Bank receives Tk6,000 cr in new deposits in six months
    IFIC Bank receives Tk6,000 cr in new deposits in six months
  • Mohammad Abdul Mannan, chairman FSIB Ltd. Sketch: TBS
    FSIB to bounce back soon
  • Abdul Awal Mintoo, chairman of National Bank Limited. Sketch: TBS
    'Regulatory support must for National Bank to restore depositors' confidence'
  • Md Nazrul Islam Swapan, chairman of EXIM Bank. Sketch: TBS
    Exim Bank restored depositors’ confidence, overcoming challenges
  • Mohammad Mamdudur Rashid, managing director and CEO, UCB. Sketch: TBS
    Customers’ trust and confidence fueling deposit growth at UCB

Related News

  • Shares up slightly, dollar struggles as investors consider tariff truce
  • Global stocks, dollar surge as US, China agree 90-day tariff relief
  • Stocks and dollar fall as Trump's Fed attacks jangle nerves
  • Shares fall in Asia as Nvidia curbs fan worries, gold hits record
  • Trump confirms no plans to suspend global tariffs despite US stock market dip

Features

For hundreds of small fishermen living near this delicate area, sustainable fishing is a necessity for their survival. Photo: Syed Zakir Hossain

World Ocean Day: Bangladesh’s ‘Silent Island’ provides a fisheries model for the future

4h | The Big Picture
The university will be OK. But will the US? Photo: Bloomberg

A weaker Harvard is a weaker America

5h | Panorama
The Botanical Garden is a refuge for plant species, both native and exotic. Photo: Mehedi Hasan/TBS

The hidden cost of 'development' in the Botanical Garden

5h | Panorama
Stillbirths in Bangladesh: A preventable public health emergency

Stillbirths in Bangladesh: A preventable public health emergency

5h | Panorama

More Videos from TBS

Record migrant deaths in 2024

Record migrant deaths in 2024

1h | Podcast
News of The Day, 29 MAY 2025

News of The Day, 29 MAY 2025

3h | TBS News of the day
Businesses set for relief as interim govt eyes major tax & fine cuts

Businesses set for relief as interim govt eyes major tax & fine cuts

6h | TBS Insight
Love is essential for human life

Love is essential for human life

6h | TBS Programs
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net