NEW YORK - U.S. stocks dropped on Thursday as the coronavirus outbreak raised concerns about damage to the global economy, with what is shaping up to be a lackluster earnings season contributing to the decline.
The decline weighed on the S&P communication services index .SPLRCL, which lost 1.36%. Defensive sectors such as utilities and consumer staples, considered safer in times of economic uncertainties, posted modest gains. The World Health Organization’s Emergency Committee is due to reconvene on Thursday to decide whether to declare the virus, which has killed 170 in China and infected 8,100 people worldwide, a global emergency.
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