WASHINGTON (dpa-AFX) - Stocks have moved sharply lower over the course of morning trading on Friday, more than offsetting the modest gains posted in the previous session. The major averages have all slid firmly into negative territory.
In recent trading, the major averages have seen further downside, hitting new lows for the session. The Dow is down 334.86 points or 1.2 percent at 28,524.58, the Nasdaq is down 69.14 points or 0.7 percent at 9,229.80 and the S&P 500 is down 30.44 points or 0.9 percent at 3,253.22.
Lingering concerns about the coronavirus outbreak have contributed to the pullback on Wall Street as the death toll from the disease continues to rise.
Chinese officials said 213 people have died from the coronavirus, while the number of confirmed cases has risen to more than 9,800.
The U.K. and Russia have also confirmed their first cases of coronavirus infection, raising concerns about the rapid spread of the disease and the impact on the global economy.
Stocks turned higher on Thursday after the World Health Organization declared the coronavirus outbreak a global health emergency but said it wasn't recommending measures that unnecessarily interfere with international trade or travel.
Meanwhile, traders have largely shrugged off a report from the Commerce Department showing personal income increased by slightly more than anticipated in the month of December.
The report said personal income rose by 0.2 percent in December after climbing by a downwardly revised 0.4 percent in November.
Economists had expected income to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.
The Commerce Department also said personal sending climbed by 0.3 percent in December following a 0.4 percent increase in November, with the growth matching expectations.
Excluding price changes, personal spending inched up by 0.1 percent in December after rising by 0.3 percent in November.
Revised data released by the University of Michigan showed U.S. consumer sentiment unexpectedly improved in the month of January compared to the previously reported deterioration.
The consumer sentiment index for January was upwardly revised to 99.8 from the preliminary reading of 99.1. The index is now up from the final December reading of 99.3.
The upward revision came as a surprise to economists, who had expected the consumer sentiment index to be unrevised at 99.1.
Energy stocks are seeing considerable weakness in morning trading, as concerns about the outlook for energy demand continue to weigh on the price of crude oil.
After tumbling $1.19 to $52.14 a barrel on Thursday, crude for March delivery is slipping another $0.30 to $51.84 a barrel.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 3.1 percent, the NYSE Arca Oil Index is down by 2.7 percent and the NYSE Arca Natural Gas Index is down by 2.3 percent.
Concerns about global demand have also contributed substantial weakness among steel stocks, with the NYSE Arca Steel Index plunging by 2.7 percent two a three-month intraday low.
Semiconductor, chemical, and brokerage stocks are also seeing significant weakness, while retail stocks are bucking the downtrend following upbeat earnings news from Amazon (AMZN).
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index jumped by 1 percent, while Hong Kong's Hang Seng Index fell by 0.5 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index has slumped by 1 percent, the German DAX Index is down by 0.9 percent and the French CAC 40 Index is down by 0.8 percent.
In the bond market, treasuries are extending the upward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.9 basis points at 1.539 percent.
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