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Wall Street close: risk off as impeachment begins and markets catch the flu

  • Nasdaq Composite Index lost 18.14 points, or 0.2%, to settle at 9,370.81.
  • The Dow Jones Industrial Average lost 151.45 points, or 0.5%, at 29,196.6.
  • The S&P 500 index dropped 8.77 points, or almost 0.3%, to 3,320.84.

US benchmarks closed lower on Tuesday and there were no records made today. The US President's impeachment trial is underway and news that the US Centers for Disease Control and Prevention announced the first case of the coronavirus within the US upset nerves on Wall Street as well. The virus's outbreak in China, which originated in the city of Wuhan, has killed six and 300 are sick, according to Chinese state media and health officials

  • First US case of Wuhan Coronavirus this afternoon - CNN

Subsequently, stocks were impacted, especially those relating to tourism and travel. The Dow Jones Industrial Average lost 151.45 points, or 0.5%, at 29,196.6, snapping its five-day winning streak. The S&P 500 index dropped 8.77 points, or almost 0.3%, to 3,320.84 while the Nasdaq Composite Index lost 18.14 points, or 0.2%, to settle at 9,370.81, after briefly turning positive mid-session to set a record intraday high of 9,397.58. 

Trump impeachment

After a weekslong impasse over how the Senate would proceed, including whether witnesses would be called, the impeachment trial of President Donald Trump, stemming from his dealings with Ukraine, has moved to the Senate after the House adopted two articles of impeachment: abuse of power and obstruction of Congress.

  • The Senate is expected to vote on a resolution setting the rules for the trial. 
  • Democrats blasted the Republican plan, which would present arguments in two 12-hour sessions.

 

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