Dow Jones Tumbles 250 Points on Coronavirus Fears; Walgreens Beats on Revenue and Earnings; IBM Announces Cloud Deals

Confirmed cases of the coronavirus are rising across Europe and many U.S. states, raising fears that a winter wave of COVID-19 will force renewed stay-at-home and lockdown orders that cripple the economic recovery.

The recovery is already fragile and uneven: Initial claims for state unemployment benefits for the week ended Oct. 10 increased to 898,000, still far higher than pre-pandemic levels. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down around 0.9% at 10:50 a.m. EDT Thursday.

Shares of Walgreens Boots Alliance (NASDAQ: WBA) managed to gain despite the weak market after the drugstore chain reported solid quarterly results and guided for earnings growth next year. Meanwhile, a flurry of cloud deals from International Business Machines (NYSE: IBM) wasn't enough to save the stock from riding the market lower.

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Source Fool.com