Stocks drop amid uncertainty over virus impact; Amazon soars

Posted at 9:47 AM, Jan 31, 2020

NEW YORK, N.Y. – U.S. stocks fell broadly in midday trading on Wall Street amid ongoing uncertainty about the potential economic impact of the 2019 Novel Coronavirus outbreak that originated in China.

The World Health Organization has declared the outbreak a “global emergency,” a designation that signals the virus is more of a risk to other nations.

Airlines fell Friday after Delta and American Airlines suspended flights to and from China.

Technology stocks led the losses. And, energy and technology shares were among the early laggards.

Meanwhile, Amazon was the standout after issuing a blowout earnings report.

Exxon dropped after its quarterly profit missed expectations.

The S&P 500 fell 1.2%. Bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell to 1.53%.