Weekly Financial Market Update - January 24, 2020
January 27, 2020
U.S. equity markets ended a volatile week slightly lower as investors digested coronavirus news, fourth quarter corporate earnings results, and economic data. The S&P 500 and Dow Jones Industrial Average finished the week down 1.03% and 1.22%, respectively. Concerns about the coronavirus’ potential impact on economic activity weighed on stocks and commodities. The virus emerged last month in a meat and seafood market located in the Chinese city of Wuhan. In an attempt to halt the rapid spread of the virus, Chinese authorities have suspended flights and public transportation in multiple cities of the Hubei province. The travel ban restricts transportation for over 30 million people. Worries about reduced travel and economic activity during this weekend’s Chinese Lunar New Year celebration drove crude oil prices down 7.41% last week to a seven-week low. Health authorities announced Friday a second person in the U.S. has been infected by the respiratory virus.
Learn more about what happened in the financial markets last week in our Weekly Financial Market Update.