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| U.S. Stocks Unsteady After Coronavirus Rout | |
| (about 2 hours later) | |
| Stocks on Wall Street were unsteady on Wednesday, dropping slightly after rebounding from back-to-back losses this week that had wiped more than 6 percent off the S&P 500. | |
| Investors have been contending with the potential for the coronavirus outbreak to disrupt global trade and slow growth, and stock prices around the globe have reflected concerns about the virus’s spread outside of China. | Investors have been contending with the potential for the coronavirus outbreak to disrupt global trade and slow growth, and stock prices around the globe have reflected concerns about the virus’s spread outside of China. |
| Wednesday’s volatility came after a sell-off in the United States that saw stocks fall 3 percent on Tuesday and suffer their worst one-day slide in two years the day before. Major markets in Europe were also higher after days of selling, though stocks in Asia mostly drifted lower on Wednesday. | |
| The virus outbreak that began in China has now infected more than 80,000 people and killed more than 2,700 around the world. Authorities in Italy are struggling to contain an outbreak that is threatening to disrupt Europe’s fourth-largest economy. Greece and Brazil reported their first cases. Iran has seen dozens of deaths from the virus, with cases spreading across its borders throughout the Middle East. South Korea is working to manage the largest outbreak outside of China, with more than 1,200 reported cases. | The virus outbreak that began in China has now infected more than 80,000 people and killed more than 2,700 around the world. Authorities in Italy are struggling to contain an outbreak that is threatening to disrupt Europe’s fourth-largest economy. Greece and Brazil reported their first cases. Iran has seen dozens of deaths from the virus, with cases spreading across its borders throughout the Middle East. South Korea is working to manage the largest outbreak outside of China, with more than 1,200 reported cases. |
| As the virus spreads, economists warn the crisis could roil global supply chains and hamper economic growth. Concerned investors dumped stocks, seeking safer investments like government bonds, pushing prices up and yields down. | As the virus spreads, economists warn the crisis could roil global supply chains and hamper economic growth. Concerned investors dumped stocks, seeking safer investments like government bonds, pushing prices up and yields down. |
| Updated Feb. 26, 2020 | Updated Feb. 26, 2020 |
| President Trump on Wednesday placed the blame for the turbulent markets on the media outlets CNN and MSNBC, which he said in a tweet were “doing everything possible” to make the virus outbreak look “as bad as possible, including panicking markets, if possible.” He added that the United States was “in great shape” and that he would hold a news conference on the coronavirus situation on Wednesday evening. | President Trump on Wednesday placed the blame for the turbulent markets on the media outlets CNN and MSNBC, which he said in a tweet were “doing everything possible” to make the virus outbreak look “as bad as possible, including panicking markets, if possible.” He added that the United States was “in great shape” and that he would hold a news conference on the coronavirus situation on Wednesday evening. |
| Tech stocks, which were among the worst hit by sell-offs this week as investors worried about impacts on supply chains, recovered losses. On Wednesday, Microsoft shares gained nearly 1 percent and Apple shares were up more than 1.3 percent. Netflix gained more than 4 percent. | |
| Oil prices edged lower. West Texas intermediate, the American benchmark, dipped under $50 a barrel. Brent crude, the international benchmark, was under $55 a barrel at 12 p.m. | Oil prices edged lower. West Texas intermediate, the American benchmark, dipped under $50 a barrel. Brent crude, the international benchmark, was under $55 a barrel at 12 p.m. |
| The yield on the 10-year Treasury note fell even further on Wednesday after closing at a record low of 1.335 percent on Tuesday, a sign that investors expect growth in the United States to slow. | |
| European markets, which fell more than 1 percent earlier on Wednesday, recovered through the day. | European markets, which fell more than 1 percent earlier on Wednesday, recovered through the day. |
| The DAX in Germany was flat while the FTSE 100 in Britain was slightly higher. In Asia, the Hang Seng in Hong Kong lost 0.7 percent and the Shanghai Composite Index dropped by 0.8 percent. | The DAX in Germany was flat while the FTSE 100 in Britain was slightly higher. In Asia, the Hang Seng in Hong Kong lost 0.7 percent and the Shanghai Composite Index dropped by 0.8 percent. |
| The Associated Press and Reuters contributed reporting. | The Associated Press and Reuters contributed reporting. |