Posted on 02/25/20
| News Source: FOX Business
All three of the major averages opened with modest gains but quickly rolled over into negative territory extending the previous day's losses that were brought on by the spreading of the coronavirus outside of China.
The CDC advised Americans that the disease could spread in the United States prompting a new wave of fears.
White House Economic Advisor Larry Kudlow, speaking to reporters, acknowledged that the coronavirus will hit first-quarter GDP while stressing it is too soon to evaluate the full impact.
The selling on Tuesday follows Monday's drop which was the steepest decline for equities in two years
As money flowed out of stocks, investors bought U.S. Treasurys. The yield on the 10-year note closed down 4.9 basis points at a record low 1.328 percent, a sign of a flight to safety. Read more at FOX Business