Friday’s Headlines: The Dow Falls Another 950 Points
1. Stocks plunged on Thursday, erasing most of the steep gains in the previous session, as markets remained highly volatile in the face of the fast-spreading coronavirus. The Dow ended the day 969.58 points, or 3.5% lower, the S&P dropped 3.3%, and the Nasdaq fell 3.1%. Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions. Get the full report here.
2. The larger indexes may have dropped on coronavirus fears, but individual companies had a very mixed bag on Thursday. Companies with software that is based around remote working or appointments are on the rise, with Teladoc jumping nearly 8% and Slack up more than 2%. Meanwhile, Planet Fitness fell more than 10% as the gym chain is expected to see a decline in sales as the coronavirus forces people to isolate themselves. It seems that the chaos surrounding the virus is only just beginning, as the number of U.S. cases continues to soar. Get the full story here.
3. Costco shares rose marginally after hours as it beat estimates on both the top and bottom lines, despite not reporting guidance. Net sales came in at $38.26 billion, with earnings per share of $2.10 versus expectations of $2.06, while its operating margin of 3.2% was roughly in line with expectations. The stock had gained 8% for the year heading into earnings, crushing the broader market, which has lost 6% on the year, while investors will be expecting a boost in sales this quarter due to coronavirus-related panic spending. Get the complete report here.