Stocks Enter Pullback Amid Coronavirus Outbreak

Stocks had their worst day of the year, so far, on Friday, but a late-session rally erased some of their steep intraday losses. All of the key sectors dropped sharply on Friday, with materials and airliners suffering the largest losses, but on a positive note, the market-leading tech sector remained very strong thanks to Intel’s (INTC) blowout quarterly report.

The major indices closed lower on Friday, as the global risk-off finally infected U.S. stocks too, due to the increasing number of coronavirus cases around the world. The Dow was down 170, or 0.6%, to 28,360, the Nasdaq lost 88, or 0.9%, to 9,315, while the S&P 500 fell by 30, or 0.9%, to 3.295. Decliners outnumbered advancing issues by an almost 6-to-1 ratio on the NYSE, where volume was slightly above average.

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