IBD: "Dow Plunges [nearly] 1,200 Points In Stock Market Rout As U.S. Monitors Thousands For Coronavirus"

From Investors' Business Daily:
04:28 PM ET 02/27/2020

The Dow Jones Industrial Average plunged nearly 1,200 points Thursday as selling ramped up into the close amid heightened coronavirus pandemic fears.

The Nasdaq crashed 4.6%, while the Dow Jones industrials and S&P 500 dove 4.4% each in the stock market today. Small caps tracked by the Russell 2000 fared slightly better, down 3.5%. Volume was sharply higher on both the Nasdaq and NYSE exchanges vs. Wednesday, according to early data.

Stocks started lower after the CDC confirmed the first U.S. coronavirus case of unknown origin in California, bringing the U.S. total to 60 confirmed cases. Selling intensified after California said it is monitoring 8,400 people for potential infections. Outside the U.S., cases in South Korea, Italy and Iran continued to rise.

The Dow Jones index is headed for a nearly 11% weekly loss, or 3,225 points for now, marking its biggest drop in years. It's also fallen sharply below its 40-week moving average. The S&P 500, down nearly 10% for the week, has undercut its long-term line. But the Nasdaq, which faces a 9.5% weekly loss, is holding above the 40-week line.

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Ten Dow Jones stocks dived more than 4% each, including big-cap techs Apple (AAPL), Microsoft (MSFT) and Intel (INTC). Apple, down nearly 5% in heavy trade, is now 14% off its high. it gapped below the 50-day line Monday. But the Leaderboard stock still holds a 26% gain from a 221.7 buy point of a flat base cleared in September.
Microsoft, also off more than 4% in volume, closed below its 50-day line for the first time in four months. The software giant warned current-quarter sales would miss its outlook as the coronavirus outbreak keeps spreading — joining Apple, HP (HPQ) and Mastercard (MA) with virus-related warnings.

Boeing (BA), Disney (DIS), Exxon Mobil (XOM) and Dow (DOW) also shed more than 4% apiece. Of the Dow's 30 stocks, only 3M (MMM), up 2.3%, managed a gain....

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IBD will have their comment on early futures action in a couple hours.
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