Friday, February 28, 2020

New Coronavirus Cases Outside China Spiked. The Dow Dropped 1,200 Points.


By Al Root  Updated Feb. 27, 2020 4:42 pm ET / Original Feb. 27, 2020 4:13 pm ET
The World Health Organization released another coronavirus situation report on Thursday. New coronavirus cases reported outside of China exceeded new cases reported in China for the second consecutive day.
New cases reported outside of China hit 746, up from 459 cases in the previous report. That is a big increase. The report is as of 10 a.m. central European time Thursday.
Created with Highcharts 6.1.1Daily New Coronavirus Cases Reported in ChinaSource: World Health Organization
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The news, received late in the trading day, along with a reported of more than 8.000 people in California being monitored for the coronavirus, sent the Dow Jones Industrial Average down almost 1200 points, or 4.4%. It is the largest one-day point decline in history, according to Dow Jones Market Data.
The S&P 500 also lost 4.4%, down almost 140 points. The Nasdaq Composite fell 4.6%.
Created with Highcharts 6.1.1Daily New Coronavirus Cases Reported Outside of ChinaSource: World Health Organization
Created with Highcharts 6.1.124-Jan27-Jan30-Jan2-Feb5-Feb8-Feb11-Feb14-Feb17-Feb20-Feb23-Feb26-Feb-2000200400600800
Most new cases, 505, were reported in South Korea. Italy reported 78 more cases. The U.S. reported 6 more cases.
Created with Highcharts 6.1.1Daily New Coronavirus Cases ReportedSource: World Health Organization
Created with Highcharts 6.1.1ChinaOutside China24-Jan25-Jan26-Jan27-Jan28-Jan29-Jan30-Jan31-Jan1-Feb2-Feb3-Feb4-Feb5-Feb6-Feb7-Feb8-Feb9-Feb10-Feb11-Feb12-Feb13-Feb14-Feb15-Feb16-Feb17-Feb18-Feb19-Feb20-Feb21-Feb22-Feb23-Feb24-Feb25-Feb26-Feb27-Feb-1000010002000300040005000
Looking ahead, investors want to see new cases outside of China peaking. That will be a positive sign in the battle against the virus, according to stock market denizens.
The WHO and the World Tourism Organization also released a joint statement Thursday urging cooperation in the travel and tourism industry to stem the spread of the virus. “World Health Organization and the World Tourism Organization are committed to working together in guiding the travel and tourism sectors’ response to Covid-19,” reads the news release.
Write to Al Root at allen.root@dowjones.com

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