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Wall Street pulls back on virus outbreak worries

Video Credit: Reuters Studio - Duration: 01:16s - Published
Wall Street pulls back on virus outbreak worries

Wall Street pulls back on virus outbreak worries

Wall Street fell Tuesday as a viral outbreak from China found its way to U.S. shores and the International Monetary Fund lowered its global economic growth forecast.

Fred Katayama reports.

The impact of a new virus outbreak in China spread to the financial markets Tuesday.

The threat of contagion ahead of the Chinese Lunar New Year holidays, coupled with the IMF's downward revision for global growth, sent the markets south on Wall Street.

The Dow snapped a five-day winning streak, falling half a percent.

Vespula Capital CEO Jeff Tomasulo: SOUNDBITE: VESPULA CAPITAL CEO JEFF TOMASULO (ENGLISH) SAYING: "I think the market's going to have to take a breather.

You know the market has to take a breather.

So today, yes, we're taking a little bit of a breather.

Is it enough for me?

No.

Absolutely not.

I want to see a good 5 to 10% down move in the overall market because of where we are." Over in China, officials confirmed that the deadly coronavirus outbreak could spread between humans, stoking fears of a global pandemic.

Back on Wall Street, the news hurt shares of major airlines like Delta and United as well as hotel and casino operators with big China operations like Las Vegas Sands and Wynn Resorts.

Online travel agencies Booking Holdings and Tripadvisor also fELL.

Dragging down the Dow: Boeing.

A source says the aerospace giant told airlines and its suppliers that it does not expect the 737 MAX to return to service until June or July.

After the bell, Netflix shares declined even tough the video streaming giant added more paid subscribers in the latest quarter than analysts expected.




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