S&P 500   3,761.88 (-0.17%)
DOW   30,954.06 (+0.10%)
QQQ   299.64 (-1.47%)
AAPL   118.22 (-1.59%)
MSFT   227.62 (+0.39%)
FB   256.82 (-0.32%)
GOOGL   2,039.71 (+0.28%)
TSLA   560.49 (-9.81%)
AMZN   2,910.14 (-2.26%)
NVDA   475.95 (-3.81%)
BABA   228.77 (-0.75%)
CGC   28.94 (-6.68%)
GE   13.35 (-1.62%)
MU   85.05 (+0.85%)
NIO   34.01 (-13.42%)
AMD   75.65 (-2.70%)
T   29.43 (+1.76%)
F   11.82 (-0.92%)
ACB   8.93 (-9.06%)
DIS   185.05 (-1.58%)
BA   215.65 (-4.03%)
NFLX   503.60 (-1.50%)
BAC   36.34 (-0.44%)
S&P 500   3,761.88 (-0.17%)
DOW   30,954.06 (+0.10%)
QQQ   299.64 (-1.47%)
AAPL   118.22 (-1.59%)
MSFT   227.62 (+0.39%)
FB   256.82 (-0.32%)
GOOGL   2,039.71 (+0.28%)
TSLA   560.49 (-9.81%)
AMZN   2,910.14 (-2.26%)
NVDA   475.95 (-3.81%)
BABA   228.77 (-0.75%)
CGC   28.94 (-6.68%)
GE   13.35 (-1.62%)
MU   85.05 (+0.85%)
NIO   34.01 (-13.42%)
AMD   75.65 (-2.70%)
T   29.43 (+1.76%)
F   11.82 (-0.92%)
ACB   8.93 (-9.06%)
DIS   185.05 (-1.58%)
BA   215.65 (-4.03%)
NFLX   503.60 (-1.50%)
BAC   36.34 (-0.44%)
S&P 500   3,761.88 (-0.17%)
DOW   30,954.06 (+0.10%)
QQQ   299.64 (-1.47%)
AAPL   118.22 (-1.59%)
MSFT   227.62 (+0.39%)
FB   256.82 (-0.32%)
GOOGL   2,039.71 (+0.28%)
TSLA   560.49 (-9.81%)
AMZN   2,910.14 (-2.26%)
NVDA   475.95 (-3.81%)
BABA   228.77 (-0.75%)
CGC   28.94 (-6.68%)
GE   13.35 (-1.62%)
MU   85.05 (+0.85%)
NIO   34.01 (-13.42%)
AMD   75.65 (-2.70%)
T   29.43 (+1.76%)
F   11.82 (-0.92%)
ACB   8.93 (-9.06%)
DIS   185.05 (-1.58%)
BA   215.65 (-4.03%)
NFLX   503.60 (-1.50%)
BAC   36.34 (-0.44%)
S&P 500   3,761.88 (-0.17%)
DOW   30,954.06 (+0.10%)
QQQ   299.64 (-1.47%)
AAPL   118.22 (-1.59%)
MSFT   227.62 (+0.39%)
FB   256.82 (-0.32%)
GOOGL   2,039.71 (+0.28%)
TSLA   560.49 (-9.81%)
AMZN   2,910.14 (-2.26%)
NVDA   475.95 (-3.81%)
BABA   228.77 (-0.75%)
CGC   28.94 (-6.68%)
GE   13.35 (-1.62%)
MU   85.05 (+0.85%)
NIO   34.01 (-13.42%)
AMD   75.65 (-2.70%)
T   29.43 (+1.76%)
F   11.82 (-0.92%)
ACB   8.93 (-9.06%)
DIS   185.05 (-1.58%)
BA   215.65 (-4.03%)
NFLX   503.60 (-1.50%)
BAC   36.34 (-0.44%)
Log in

Global stocks sink after China coronavirus resurgence

Friday, January 22, 2021 | Joe Mcdonald, AP Business Writer


A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 22, 2021. Asian stock markets retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia. (AP Photo/Lee Jin-man)

BEIJING (AP) — Global stock markets and U.S. futures retreated Friday after a resurgence of coronavirus infections in countries including China and downbeat economies news in Europe.

Futures for the Dow and S&P 500 were down 0.7%, while European indexes were down about 1% and Asian benchmarks closed lower.

Optimism about the rollout of coronavirus vaccines was dented by a spike in infections in China, where the disease had been under control. The government is testing millions of people in Beijing and some other cities. Authorities have called on the public to avoid travel during February's Lunar New Year holiday.

That has “raised some concerns among investors who, after a slow start to the global vaccine rollout, are debating how fast economies can vaccinate the most vulnerable and start returning to business as usual,” said Stephen Innes of Axi in a report.

In Europe, sentiment was dented by a survey of purchasing managers that showed economic activity shrank in January in the 19-country eurozone. The PMI suggests the eurozone economy is likely to shrink again in the first quarter, putting it in recession. The DAX in Frankfurt retreated 0.9% to 13,775 and the CAC 40 in France shed 1.3% to 5,520. The FTSE 100 in London fell 0.8% to 6,665.

In Asia, the Shanghai Composite Index declined 0.4% to 3,606.75 and the Nikkei 225 in Tokyo sank 0.4% to 28,631.45. The Hang Seng in Hong Kong lost 1.6% to 29,447.85.

The Kospi in South Korea, where the increase in virus cases has slowed, fell 0.6% to 3,140.63. The S&P-ASX 200 in Australia shed 0.3% to 6,800.40. India's Sensex retreated 1.1% to 49,052.61.

Stocks have risen on optimism vaccines developed by U.S., European and Chinese drug companies would allow economies to return to normal.

Markets also have been encouraged by the inauguration of President Joe Biden, who proposed a $1.9 trillion economic aid package, including $1,600 cash payments for most Americans.

Those hopes have been jolted by an upsurge in infections and the emergence of new virus variants that might be more infectious.

China, where the pandemic began in late 2019, has reimposed travel controls after outbreaks in Beijing and other cities. The government is building isolation hospitals with thousands of beds in Hebei province, which abuts the capital.

On Friday, China reported 103 new infections, the 11th day with more than 100 confirmed cases.

“The resurgence of cases in China, namely in the largest cities of Beijing and Shanghai, ahead of the Chinese New Year holidays is a cause of concern,” said Mizuho Bank in a report.

The Chinese government has called on the public to avoid gatherings and travel during the Lunar New Year holiday, normally the year's most important family event. That is likely to dent spending on gifts, banquets and tourism, but economists say industrial activity might benefit if employees stay at their jobs.

Deaths are rising in Indonesia while case numbers increase in Malaysia, Thailand and the Philippines. Infections and deaths have been high in the U.S. and Europe as well, hitting records in some countries.

Benchmark U.S. crude lost $1.23 to $51.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents on Thursday. Brent crude, the price standard for international oils, shed $1.21 to $54.89 per barrel in London. It rose 2 cents the previous session.

The dollar strengthened to 103.69 yen from Thursday's 103.52. The euro advanced to $1.2180 from $1.2160.


7 Cryptocurrencies That Are Leading The Market Higher

An Influx Of Capital Is Driving Cryptocurrency Higher

There is an influx of money to the cryptocurrency market that is driving the entire complex higher. Not only is institutional interest peaking but recognition and use are on the rise as well. With Bitcoin setting new all-time highs 100% above the 2017 highs the number of new Bitcoin millionaires is on the rise too.

But Bitcoin is not the only cryptocurrency on the market today by far. The number of cryptocurrencies on the market has been growing steadily with more than 4,000 listed on Coinmarketcap alone. But that doesn’t mean they are all worth your time. Many if not most will not stand the test of time.

One way to judge the market’s interest in a cryptocurrency is its market performance gains. A cryptocurrency that is gaining in value is certainly one that you may want to own. The better method of judging the market’s interest in a cryptocurrency is the market cap. The cryptocurrency market is worth upwards of $1 trillion and growing, and most of that value is centered in the top seven. Together, the bottom 3,993 odd cryptocurrencies only account for 12% of the market and have yet to prove any lasting value.

View the "7 Cryptocurrencies That Are Leading The Market Higher".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.