Stocks of U.S. companies that cater to Chinese tourists posted some of the biggest losses, along with general travel companies such as casinos and airlines. Bank stocks fell.
, making the United States the fifth country to report a case, following China, Thailand, Japan and South Korea.Within the S&P 500, stocks of U.S. companies that cater to Chinese tourists had some of the biggest losses, along with general travel companies such as casinos and airlines. Along with banks, industrial and energy stocks accounted for a big share of the selling. Those losses outweighed gains in real estate stocks, utilities and household goods makers.
The selling on Wall Street began early on the first trading day of a holiday-shortened week and followed sell-offs overnight in Asian markets and downbeat trading in Europe. China confirmed many people’s fears late Monday when a government expert said that the new type of coronavirus affecting the country can transmit from human to human, increasing its potential spread.Investors were looking at playbooks for past outbreaks.
Real estate investment trusts and utilities stocks rose as the decline in bond yields made dividend-paying stocks more attractive to income investors. American Tower rose 1.4%, while Edison International gained 1.6%.
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