Dow Jones News: Consumer Giants Tumble; Cisco Down on Layoffs
The stock market was carving out new all-time highs not too long ago. The novel coronavirus outbreak put an end to that. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down 3% at 10:55 a.m. EST Friday, bringing its weekly losses close to 15%.
No stock in the Dow was left untouched by this sell-off, with the consumer giants suffering particularly steep declines. Shares of tech giant Cisco (NASDAQ: CSCO) were also suffering after reports of layoffs at the networking hardware provider.
It's not a good day for the consumer-facing stocks in the Dow. As the novel coronavirus -- which causes the COVID-19 illness -- gains ground outside of China, investors are in panic mode.
Source Fool.com