Stocks fell and bond prices rose sharply on Wall Street Friday amid signs that economic fallout from the viral outbreak that originated in China is hurting U.S. companies.
The yield on the 30-year Treasury reached a record low as investors sought the safety of U.S. government bonds. The price of gold climbed 1.7%.
New data showing manufacturing and business activity suddenly slowed this month stoked investors’ anxiety over the outbreak’s impact on company profits. New reports that infections are spreading added to traders’ jitters.
“There’s a little bit more concern about how hard this is going to impact, not just Asia, but also the broad global economy,” said Adam Taback, chief investment officer for Wells Fargo Private Bank.