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Stocks Post Weekly Decline Amid Hunt for Safety: Markets Wrap

  • U.S. markets drop after slumps in European, Asian equities
  • Yields on 30-year Treasuries touch record low as havens rally

Photographer: Hector Retamal/AFP via Getty Images

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U.S. stocks sank, gold surged and Treasury yields tumbled as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China.

Tech companies were particularly hard hit, sending the Nasdaq 100 down almost 2%. The S&P 500 Index posted its first weekly decline since January. The yield on 30-year Treasuries fell to a record low amid data showing U.S. business activity shrank for the first time since 2013 as the virus hit supply chains.