US stocks plunge as Trump declares public health emergency

Markets were mostly lower on Friday.

The S&P 500 plunged 1.8 percent while the STOXX Europe 600 fell 1.1 percent. However, the Nikkei 225 rose 1.0 percent.

Markets fell after US President Donald Trump declared a US public health emergency on Friday in response to the coronavirus outbreak in China.

“It’s certainly the virus concerns,” said Joe Saluzzi, co-head of equity trading at Themis Trading.

However, Chris Gaffney, president at EverBank World Markets, said that “investors should hold tight”, with “some opportunity in some big names as they trade off”, although he cautioned that volatility is likely to remain high until there is a clearer sign of containment of the virus.