New York City, Feb 26 – As the S&P falls, U.S stocks have been losing the ground in a session. It was held on Wednesday on investor jitters. It all concerned with the future possibilities of Coronavirus cases in the city. It was as per the officials who monitored the people who visited China. The numbers are 83.
The health officials who have been serving at Nassau County in New York city have told that they have been monitoring the people. These people are suspected to be infected with the Coronavirus. Instead, as per the sell-off, Governer Andrew Cuomo confirmed no cases appeared in the state so far.
Jason Draho said, “We need to more information before markets have a further correction or get comfortable things won’t escalate further.”. In UBS Global Wealth Management, New York, Jason Draho is the head of America’s asset allocation.
In fact, he was able to note that any rumors or reports regarding the cases. It concerns the large metropolitan areas that can have a significant impact on the nerves of investors. It is because of the possibilities of break out on a large scale. Even, it can break out with more density creating an impact on the economy as well.
Draho further said, “Markets will be very jumpy until there’s increasing confidence the virus is abating and that it won’t be a global pandemic”.
Officials from the U.S Food and Drug Administration have warned that this outbreak can be widespread, as per the reports. Moreover, Germany’s health minister also told that this could be the beginning of a deadly plague while some cases have been observed apart from its origin in China.
Donald Trump, the President of the U.S, has scheduled for holding a news conference at 6 p.m ET (2300 GMT) regarding coronavirus.
We have found a decline in the main indexes that we notice in the span of the last four sessions. In the last two days, the Dow shed about 1900 points. If we look into the records, S&P is still showing 8% as recorded last Wednesday.
The S&P 500 had posted two posts including 52-week highs as well as 45 lows. The Nasdaq Composite Index was able to record new highs of 20 and 198 of lows.