Futures tank as virus fears spur flight to safety
- U.S. stock markets tanked and the Dow Jones Industrials shed more than 800 points on Friday, as the global tally of coronavirus infections surpassed 100,000 and jittery investors took cover in the perceived safety of bonds and gold.
Yields on long-dated U.S. Treasury notes hit all-time lows, wiping out the dollar’s single greatest attraction for investors - higher interest rates. [US/] Starbucks Corp fell 4% after signaling a business hit due to fewer customers at its Chinese stores, while Costco Wholesale Corp was off 2% as it said it was struggling to keep up with demand for essentials, including disinfectants.
At 10:18 a.m. ET, the Dow Jones Industrial Average was down 686.74 points, or 2.63%, at 25,434.54, while the S&P 500 was down 82.16 points, or 2.72%, at 2,941.78. The Nasdaq Composite was down 211.56 points, or 2.42%, at 8,527.04. The S&P 1500 airlines index rose 3.6%, but was still on course to end Friday with its third straight weekly decline.
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