NEW YORK: U.S. stocks sold off on Friday as a spike in new coronavirus cases in China and other countries and as data showing U.S. business activity stalled in February fueled investors' fears about the economy.
"It's creating a wild card," for companies and others, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia."Going into a weekend not so long after the stock market was hitting highs, people are taking some money off the table."Apple earlier this week warned on sales due to the impact of the virus outbreak.
The IHS Markit Purchasing Managers' index of services sector activity dropped to its lowest level since October 2013, signalling a contraction for the first time since 2016. The manufacturing sector also clocked its lowest reading since August. Among other stocks, Dropbox Inc jumped after it raised its outlook for operating margin, and Deere & Co rose after an unexpected rise in first-quarter profit.
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