Wall St. topples as mixed earnings’, sluggish economic data drive stocks lower


by   |  VIEW 432
Wall St. topples as mixed earnings’, sluggish economic data drive stocks lower

On Friday, the 31st of January 2020, all three key indices of Wall St. tumbled more than 1.5 per cent, remarking US Stocks’ worst weekly decline in six months, as a Friday (January 31st) double whammy in the Wall St. involving a cascade of sluggish US economic data couple with a mixed bag of corporate earnings’ alongside fears of the spreading coronavirus outbreak had catalysed a downward trend for the US stocks.

In point of fact, Friday’s (January 31st) wobble in the Wall St. was almost entirely prodded by a gloomier outlook on global economic growth stemmed off a mixed US earnings’ season despite a robust holiday quarter sale, sluggish data alongside economic impacts of the coronavirus outbreak.

Besides, following CDC’s (the Centres for Disease Control and Prevention) announcement of an immediate quarantine order for all American expatriates from China to a California air base, Wall St. opened up the session in a much downbeat note, however US stocks pared some of their footings lost earlier after the CDC director, Robert Redfield, had told that the risks of coronavirus spread to the US people had been low.

Meanwhile, adding that a euphoric optimism about US markets was evaporating, a chief market strategist at JonesTrading in Stamford, Connecticut, Michael O’Rourke said on Friday’s (January 31st) market wrap up, “We spent most of this week still with this kind of euphoric optimism about the U.S.

market, and today that finally began to fade... people are finally starting to get concerned. (The virus is) going to take a toll on the global economy, and investors are just starting to realize that now here in the U.S. ” Citing statistics, on Friday’s (January 31st) market closure, Dow nosedived 2.09 per cent to 28,256.03 and S&P shrugged off 1.77 per cent to 3,225.52, while tech-heavy Nasdaq composite was nudged 1.59 per cent lower to 9,150.94.