Getty Images: Investors sold out of stocks despite the Federal Reserve's shock rate cut as cases of the coronavirus in the United States topped 3,000.1,041 points, 4.5%, as were Nasdaq futures. S&P 500 futures neared the 5% ‘limit down’ as it dropped 4.8%.
But investors remain cautious after several cities in the United States woke up to shutdowns of many businesses, and the number of international cases of the coronavirus overtook those inside China, where the pneumonia-like virus was first detected. China’s retail sales plummeted 20.5% at the start of 2020, from the same period last year according to the National Bureau of Statistics—a far cry from the 0.8% rise analystsIn Europe, shares fell to lows last seen in 2012, while the pan-continental Stoxx 600 initially dropped 8.2%. It is now down by around 7.7%. Airlines and holiday operators took the biggest hit.
Source: News Formal (newsformal.com)
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