As U.S. investors returned to the markets Tuesday after a long weekend, they found Asian stock markets dropping on fears that a flu-like virus in China could spread and become a pandemic.
A top Chinese health official confirmed on Monday that the so-called coronavirus is now able to spread via human-to-human contact, similar to how influenza can be "caught" from a handshake or sneeze. The virus has already killed at least six people in central China, where it is believed to have originated, according to local reports. Confirmed cases of the virus, which resembles pneumonia in its symptoms, have jumped to nearly 300, adding a new element of worry for public health officials in Asia as tens of millions of people are set to travel in the coming days to celebrate the Lunar New Year.
That worry translated to a nearly 1.5 percent drop in the Shanghai Composite at Tuesday's close, its biggest decline in weeks. The Nikkei in Japan and Hang Seng in Hong Kong also closed lower. Hong Kong stocks had their worst day in five months, partly due to fears that the coronavirus could jump from the mainland and add a new burden on top of the protests that have crippled the region's economy.
The World Health Organization has convened an emergency meeting, scheduled for Wednesday in Geneva, to determine whether the outbreak constitutes a public-health emergency that would allow the WHO to deploy resources.
With the coronavirus now communicable through person-to-person contact, it resembles the early days of the SARS outbreak, which began with a similar type of virus and ultimately killed nearly 800 people in southern China in 2002 and 2003.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
Taylor Swift grossed nearly $2 billion this year, according to Billboard.
A study from US News and World Report has found the most affordable place to retire is in Ohio.
