Wall Street retreats as trade war fears compound virus woes
- A slump in technology stocks knocked Wall Street’s main indexes lower on Friday, as signs of deteriorating trade relations between the United States and China added to economic worries due to the novel coronavirus pandemic.
China’s countermeasures include launching investigations and imposing restrictions on U.S. companies such as Apple Inc, Cisco Systems Inc, Qualcomm Inc, as well as suspending purchase of Boeing Co airplanes, the report said, citing a source. “The overarching concern that we’ve had, as this epidemic has worked its way around the globe, is that U.S.-China relations are heading in the wrong direction and that can cause a worse economic effect than the pandemic itself,” said Art Hogan, chief market strategist at National Securities in New York.
“After that big rally it makes sense that stocks may pull back to align a little more with the weakening economic data that we’re seeing over all,” said Ryan Detrick, senior market strategist for LPL Financial.
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