- Stocks ended lower Tuesday after the first U.S. case of the deadly coronavirus was confirmed in Washington state and Boeing said regulatory approval of its troubled 737 MAX would be delayed again.
- Coronavirus, which afflicts patients with pneumonia-like symptoms that are difficult to detect through traditional medical screening, has killed at least six people and infected more than 300 others.
- Uber is Real Money's Stock of the Day. The ride-hailing company was chosen as Morgan Stanley's top internet pick for 2020, and sold Uber Eats in India.
Stocks ended lower Tuesday after the first U.S. case of the deadly coronavirus was confirmed in Washington state and Boeing (BA) - Get Boeing Company Report said regulatory approval of its troubled 737 MAX will be delayed.
Coronavirus, which afflicts patients with pneumonia-like symptoms that are difficult to detect through traditional medical screening, has killed at least six people and infected more than 300 others.
Most of the illnesses and all of the fatalities were in the Chinese city of Wuhan. But cases also were reported in Japan, South Korea and Thailand, and now the U.S.
With China's Lunar New Year celebrations set to kick off on Friday, World Health Organization officials are concerned the virus could spread even more quickly in China, the world's most populated country. Investors, meanwhile, are worried a SARS-like outbreak could further dampen investment prospects in emerging markets around the region.
Shares of U.S. airlines fell Tuesday amid growing fears surrounding the virus outbreak in China. Shares of Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report, American Airlines (AAL) - Get American Airlines Group, Inc. Report and United Airlines (UAL) - Get United Airlines Holdings, Inc. Report traded lower Tuesday.
Separately, Boeing said said Tuesday that it doesn’t expect regulators to sign off on the troubled 737 MAX until mid-2020, months later than the manufacturer previously expected.
The Dow Jones Industrial Average fell 152 points, or 0.52%, to 29,196, the S&P 500 was down 0.27% and the Nasdaq declined 0.19%. The tech-heavy index set an all-time intraday high earlier in Tuesday's session.
Stocks finished at record highs Friday and Wall Street closed out a strong week amid solid earnings and the signing of the preliminary trade deal between the U.S. and China.
President Donald Trump on Tuesday extolled the economic achievements of his administration in a keynote address to the World Economic Forum in Davos, Switzerland, just hours ahead of the start of his impeachment trial in the Senate.
Trump boasted that the current U.S. economic boom, now in its 11th year, was the "greatest the world has even seen," thanks in part to his efforts to address the "predatory practices of China" that he was able to thwart with aggressive trade reform. He also repeated his criticism of the Federal Reserve Chairman Jerome Powell, whom he once again accused of "raising rates too fast, and lowering them too slowly."
"America is thriving. America is flourishing and yes, America is winning again like never before," Trump said.
Earnings reports are expected after the closing bell Tuesday from Netflix (NFLX) - Get Netflix, Inc. Report, International Business Machines (IBM) - Get International Business Machines Corporation Report and United Airlines (UAL) - Get United Airlines Holdings, Inc. Report.