Stocks fell and bond prices rose sharply on Wall Street Friday amid signs that economic fallout from the viral outbreak that originated in China is hurting US companies, per the AP. The yield on the 30-year Treasury reached a record low as investors sought the safety of government bonds, driving their prices higher. The price of gold also rose. New data showing manufacturing and business activity suddenly slowed this month added to investors' anxiety. News that infections are spreading added to traders' jitters. The Dow fell 227 points to 28,992, the S&P 500 fell 35 points to 3,337, and the Nasdaq dropped 174 points to 9,576. Nasdaq registered the highest percentage fall at nearly 1.8%
“There's a little bit more concern about how hard this is going to impact, not just Asia, but also the broad global economy,” said Adam Taback, chief investment officer for Wells Fargo Private Bank, referring to the COVID-19 outbreak. Travel restrictions, business closures, and other efforts in China aimed at containing the spread of the virus have begun to disrupt supply chains and sales prospects for Apple and other big companies. The situation has begun to weigh on the US economy. Data from IHS Markit show US manufacturing and business activity slowed in February from the previous month, coming in below analysts' expectations.
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