Economics
S&P 500 Erases 2020 Gain With Virus Fear Mounting: Markets Wrap
- U.S. 30-year yield drops below 2% for first time since October
- Caterpillar outlook adds more gloom to virus-shaken markets
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Stocks slumped and bonds rallied on heightened concern that the spread of the coronavirus will slam global economic growth.
The S&P 500 Index erased its 2020 gain and the Dow Jones Industrial Average dropped more than 600 points as traders remained on edge over the impact of the disease that’s now infected about 10,000 people around the world. A gauge of U.S. equity volatility spiked to an almost four-month high. Caterpillar Inc. plunged as its outlook trailed estimates, adding to worries about global business spending. Amazon.com Inc. soared after a blowout quarter. Treasury 30-year yields breached 2% for the first time since October.