NEW: Stocks fall in early trading as China reported a spike in cases of the new virus that threatens to crimp economic growth and hurt businesses worldwide.
News headlines today: Feb. 12, 2020NEW YORK -- U.S. stocks fell in early trading Thursday as China reported a spike in cases of the new virus that threatens to crimp economic growth and hurt businesses worldwide.
Technology stocks bore the brunt of the selling. NetApp plunged 11.4% following disappointing earnings and Cisco fell 6.3%.Bond yields remained stable. The yield on the 10-year Treasury held at 1.62%. KEEPING SCORE: The S&P 500 index fell 0.4% as of 10 a.m. Eastern time. The Dow Jones Industrial Average fell 159 points, or 0.5%, to 29,390. The Nasdaq fell 0.3%. The Russell 2000 index of smaller company stocks fell 0.2%. Markets in Europe and Asia also fell.
The outbreak is already hurting businesses and more of them are warning that the effects will linger through the year. Organizers of the world’s biggest mobile technology fair cancelled the event, set to take place in Spain, because of health and safety concerns over the outbreak.
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