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US: Stocks make tepid gains after closing down

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Read more at The Business Times.

Wall Street advanced cautiously on Friday, after all three major indices closed down on renewed fears that the novel coronavirus outbreak in China would disrupt the world economy.[NEW YORK] Wall Street advanced cautiously on Friday, after all three major indices closed down on renewed fears that the novel coronavirus outbreak in China would disrupt the world economy.

Beijing had on Thursday announced a sharp rise in cases after changing its counting method, and on Friday the number of cases climbed to 64,000 with the death toll reaching nearly 1,400. After registering losses, the markets opened cautiously on Friday, with the benchmark Dow Jones Industrial Average gaining barely a percentage point to 29,397.65 after about 30 minutes of trading.

The tech-rich Nasdaq was up 0.1 per cent at 9,724.0291, and the broad-based S&P 500 was up to 3,375.12, a gain of less than a 10th of a per cent. US Commerce Department data released on Friday showed steady growth in retail sales in January of 0.3 per cent, but new Federal Reserve data showed a fall in industrial production of 0.3 per cent driven by Boeing's production shutdown on the 737 MAX aircraft.

 

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