Stocks Opened Lower, Oil Prices Fell

U.S. stocks opened lower on Thursday, as fears over the coronavirus flared further. The Dow Jones Industrial Average lately fell 67.47 points, or 0.23%, to 28,666.98. The S&P 500 was off 12.95 points, or 0.40%, to 3,260.45. The Nasdaq Composite declined 22.51 points, or 0.24%, to 9,252.65.

Oil futures fell Thursday, feeling renewed pressure as worries rose over the potential economic impact from the continued spread of the coronavirus. West Texas Intermediate crude for March delivery fell $1.27, or 2.4%, to $52.06 a barrel. April Brent crude dropped $1.15, or 2.2%, to $52.18 a barrel.

U.S. economic activity rose at a pace of 2.1% in the last three months of 2019, coming in ahead of consensus expectations. For the 12 months through the fourth quarter of 2019, U.S. GDP grew at a pace of 2.3%. This marked a deceleration from the 2.5% pace of gains seen in the 12 months through the end of 2018.

Tesla (TSLA) reported a fourth-quarter profit and progress in its Model Y roll-out. The car-maker said it expected to deliver more than 500,000 vehicles in 2020, up from 2019’s about 367,500 deliveries. Fourth-quarter adjusted earnings per share were $2.14 on revenue of $7.38 billion, beating expectations for adjusted EPS of $1.74 on sales of $7.06 billion.

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