February 26, 2020 / 2:18 AM / a month ago

Stocks, oil drop as coronavirus fears grip markets

NEW YORK (Reuters) - Stocks and oil prices resumed their sharp decline on Wednesday after a report said over 80 people were being monitored for the novel coronavirus in New York State’s Long Island.

Financial markets have been reacting to news of the virus’ spread because of the potential impact of the disease’s outbreak on the global economy.

U.S. and German bond yields resumed their fall while gold prices rose.

Health officials in Nassau County, New York, said on Wednesday that they were monitoring 83 people who visited China and may have come in contact with the coronavirus, but Governor Andrew Cuomo said the state has had no confirmed cases so far.

On Wall Street, the Dow Jones Industrial Average .DJI fell 75.44 points, or 0.28%, to 27,005.92, the S&P 500 .SPX lost 4.75 points, or 0.15%, to 3,123.46 and the Nasdaq Composite .IXIC added 17.32 points, or 0.19%, to 8,982.93.

Emerging market stocks lost 1.30%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 1.29% lower, while Japan's Nikkei .N225 lost 0.79%.

U.S. 10- and 30-year Treasury yields fell near record lows.

Benchmark 10-year notes US10YT=RR last rose 5/32 in price to yield 1.3154%, from 1.33% late on Tuesday. The 30-year bond US30YT=RR last rose 2/32 in price to yield 1.8003%, from 1.803% on Tuesday.

U.S. crude CLc1 fell 2.57% to $48.62 per barrel and Brent LCOc1 was last at $53.39, down 2.84% on the day.

The dollar index =USD rose 0.11%, with the euro EUR= up 0.04% to $1.0883.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 25, 2020. REUTERS/Staff/Files

The Japanese yen weakened 0.10% versus the greenback at 110.34 per dollar, while Sterling GBP= was last trading at $1.2901, down 0.79% on the day.

(Graphic: Global stocks' performance vs. reported coronavirus cases - here)

Reporting by Rodrigo Campos, additional reporting by Medha Singh in Bengaluru, Laila Kearney and Kate Duguid in New York and Ross Kerber in Boston; Editing by Bernadette Baum

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