NEW YORK - Wall Street's three major stock indexes fell 3% on Tuesday as the coronavirus spread further around the world and investors clamored for safety a day after the S&P 500's and the Dow Industrials' biggest daily declines in two years.
The U.S. Centers for Disease Control and Prevention said Americans should prepare for possible community spread of coronavirus. Earlier in the day, Iran's virus death toll rose to 16, the highest outside China. "People are pulled to the sidelines and there's a re-evaluation of risks. They're taking a wait and see approach because nobody knows how to accurately estimate the potential near term economic impact of coronavirus," said Carol Schleif, Deputy Chief Investment Officer, Abbot Downing in Minneapolis."Markets abhor a vacuum. They hate not knowing so people are waiting to see, to give it a few days to settle out.
"When people react to it because they don't travel or go to restaurants or go shopping, that'll have an immediate impact on the economy. It depends how long it goes and how wide the spread," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. Last week, positive fourth-quarter corporate earnings and hopes of limited damage from the virus outbreak had pushed Wall Street to record highs.
Department store operator Macy's Inc fell 4% despite reporting a smaller-than-expected drop in quarterly same-store sales.
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