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US: Stocks drop as coronavirus hits tourism shares

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Read more at The Business Times.

Wall Street stocks tumbled Friday as news of additional coronavirus cases offset some positive earnings reports to finish the week on a negative note.[NEW YORK] Wall Street stocks tumbled Friday as news of additional coronavirus cases offset some positive earnings reports to finish the week on a negative note.

China expanded a massive quarantine effort on Friday, while the United States confirmed its second case of the Sars-like ailment. French officials said there had also been two cases found in France, the first in Europe. Adam Sarhan of 50 Park Investments said the virus still appeared to be contained but"if we start getting more cases showing up around the world, that would be a bad sign for global economic growth".

Mr Sarhan said Friday's losses also reflected profit taking following a run of Wall Street records in recent weeks.

 

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