Stocks plunge on fears virus outbreak will dent the economy

FILE - In this Jan. 9, 2020, file photo trader Michael Milano works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Jan. 31.

The virus has infected almost 10,000 people globally in just two months, a troublesome sign of its spread that prompted the World Health Organization to declare the outbreak a global emergency. That designation signals that the virus is now a significant risk to other countries and requires a global response.

“The economic and market impact now are becoming much more significant and those two sectors are probably the most important to keep an eye on,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “If you're going to restrict travel and you're going to restrict movement, you're by default going to hit energy prices."

Bond prices rose. The yield on the 10-year Treasury fell to 1.51% from 1.55% late Thursday. In another sign of how much fear is in the market, the yield on teh three-month Treasury rose above the 10-year yield, a relatively rare ocurrence that hasn't happened since October. Investors see such inversions as a fairly reliable warning signal of a recession within a year or so, though its track record isn't perfect.

VIRUS STATUS: The new virus outbreak that began in China has now spread to more than 20 nations. Most of the cases and all of the 213 deaths are in China. But, health officials are now increasingly worried as the virus shows signs that it is more easily spreading from person to person. LOW TANK: Exxon Mobil slipped 4.4% after the country’s biggest oil producer’s profit slid more than 5% in the fourth quarter and fell short of Wall Street forecasts. The company is also facing pressure from falling oil prices as the spreading virus threatens demand.

No worries. This is just another 'play' by corporations to manipulate stock prices.

Lets blame it in the virus... okay!!!

Didn’t realDonaldTrump just say we have nothing to worry about in Iowa last night? He’s a first class idiot!

Here is the chance to ask yourself, what is more important, your health, or wealth?

BUT TESLA went UP....

ouch!

But, that's not what Wilbur Ross implied...

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