Stocks Slide on Wall Street, Extending Steep Drops This Week

Dow and S&P Give up Early Gains

AP News
February 26, 2020 - 4:22 pm
James Denaro monitors stock prices at the New York Stock Exchange, Wednesday, Feb. 26, 2020. (AP Photo/Mark Lennihan)

(AP Photo/Mark Lennihan)

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By ALEX VEIGA AP Business Writer

 

Stocks gave up early gains and ended lower, extending their losses for the week. Worries about economic fallout from the virus outbreak that originated in China has fueled a sharp sell-off that wiped out the market's gains for the year. Energy stocks sank along with the price of oil. Cruise operators fell again, deeping a monthlong rout. The bond market continued to flash warning signs as long-term yields fell further below short-term ones. The S&P 500 fell 11 points, or 0.4%, to 3,116. The Dow Jones Industrial Average fell 123 points, or 0.5%, to 26,957. The Nasdaq edged up 15 points, or 0.2%, to 8,980.

The virus continues to spread and threatens to hurt industrial production, consumer spending, and travel. More cases are being reported in Europe and the Middle East. Health officials in the U.S. have been warning Americans to prepare for the virus.

Energy companies led the selling Wednesday as oil prices declined. Comarex Energy lost 4.9%. Cruise operators including Royal Caribbean and Carnival continued to fall sharply, deeping a rout that began a month ago. Both stocks have lost more than 30% over the past month.

Companies that rely on consumer spending and industrial stocks also fell. Those losses outweighed gains in technology and health care stocks.