A broad sell-off hit Wall Street Friday. Investors fled stocks on mounting fears over the scope of the coronavirus outbreak amid a second confirmed case of the virus in the United States. The S&P 500 and Nasdaq ended nine-tenth percent lower. The S&P suffered its biggest weekly decline in six months.
Needham Funds portfolio manager Chris Retzler:
SOUNDBITE: Needham Funds portfolio manager Chris Retzler:
"You're going into a weekend with some really negative news with regards to this virus that's spreading. So what are we going to hear on the weekend? So people are probably derisking. How significant is it really going to get? Is it going to be contained? How widespread is it? So I think investors are taking money off the table going into the weekend."
The virus outbreak fears knocked down travel-related stocks like Wynn Resorts, American Airlines, and Norwegian Cruise Line.
Intel shares soared to a 19-year high, making it the S&P's top gainer. The chipmaker signaled a turnaround in the chip industry, forecasting bullish earnings for 2020. . Separately, investors bought Broadcom shares after the chipmaker signed two deals to supply Apple with wireless components.
The S&P's biggest decliner: Discover Financial. The payment services firm predicts expenses will grow this year and hurt its profit.
Weighing on the Dow: Disney. The Mouse House is shutting down its Shanghai Disney park indefinitely to help stop the spread of the new coronavirus.