NEW YORK: Wall Street stocks suffered a second straight rout on Tuesday , with losses picking up after US health officials warned the coronavirus was likely to hit the world's biggest economy.The broad-based S&P 500 sank 97.68 points to 3,128.21, while the tech-rich Nasdaq Composite Index lost 255.67 points to 8,965.61.
"Ultimately, we expect we will see community spread in this country," said Nancy Messonnier, a senior official with the Centers for Disease Control and Prevention . "Bit by bit, US investors are seeing the prospects for global growth diminish," said Gregori Volokhine of Meeschaert Financial Services.In spite of the CDC statements, White House economic counselor Larry Kudlow said US economic data remained solid and that the ailment remained"very tightly contained in the United States," he said on CNBC.
While equity losses were widespread, petroleum-linked companies were especially big losers, with Devon Energy and Occidental Petroleum dropping more than seven per cent.