Stocks on Wall Street closed lower Thursday as investors turned cautious following a surge in cases of the new coronavirus in China that threatens to crimp economic growth and hurt businesses worldwide.
Hopes that the spread had peaked were dashed Thursday, when China reported a sharp rise in cases and deaths after Hubei, the hardest-hit province, took a new approach to classifying and diagnosing the virus.“We’re in a data-dearth period in the sense that we’re not really going to know fully the effects of the impact of that on Asian and Chinese growth, as well as global growth, for at least several weeks,” said Lisa Erickson, head of traditional investments at U.S. Bank Wealth Management.
Businesses have already been hurting due to the outbreak, and more of them are warning that the effects will linger through the year. Organizers of the world’s biggest mobile technology fair canceled the event, which had been set to take place in Spain, because of health and safety concerns over the outbreak.
MGM Resorts International, which gets about 20% of its revenue from the gambling haven of Macao, pulled its profit forecast for 2020. The stock sank 5.5%. Cruise line operator Carnival’s shares slid 2%.
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