Dow falls over 300 pts after downbeat PMI data

Friday, 21. February 2020 16:45

Equities in the United States extended losses on Friday after a report by IHS Markit revealed the first contraction in the country's services sector in the last four years and the lowest level of activity in 76 months. Manufacturing activity also slowed, but still expanded slightly in February, the report added.

Meanwhile, market participants were wary of the possible impact of the coronavirus outbreak on the global economy, despite officials downplaying its possible negative effects.

The Dow Jones Industrial Average index was down 0.98% at 10:51 am ET, losing 287 points, shortly after dropping over 300 points. Microsoft and Nike were the biggest losers.

The Nasdaq 100 tumbled 1.41% at 10:52 am ET, while the S&P 500 sank 1.01%.

The euro increased 0.61% against the dollar, buying $1.08555 at 10:53 am ET.

Related Links: NIKE Inc.Microsoft Corp.
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Breaking the News / NI