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* Intel hits 19-year high after strong forecast
* Energy, healthcare, financial stocks slide the most
* Officials confirm second U.S. case of coronavirus
* Indexes down: Dow 0.25%, S&P 0.41%, Nasdaq 0.22%
(Changes comment, updates prices)
By Sruthi Shankar
Jan 24 (Reuters) - U.S. stocks fell on Friday amid renewed
concerns over the spreading of a coronavirus outbreak from
China, offsetting strong gains for Intel.
The chipmaker's shares INTC.O jumped 8.9% to hit a 19-year
high after it forecast better-than-expected 2020 earnings,
joining many of its peers to signal a recovery in chip demand.
U.S. health officials confirmed that a second case of Wuhan
coronavirus in the United States had been detected in Chicago,
adding to nerves after the outbreak in China killed 26 people
and infected more than 800 in the past week, raising concerns
about its fallout on the global economy.
Airlines and travel stocks fell again, with United Airlines
Holdings Inc UAL.O and American Airlines Group Inc AAL.O
shedding about 4%.
"It has taken the wind out of the market, because for now
other than (Intel and American Express) we have stocks coming
under some selling pressure," said Peter Cardillo, chief market
economist at Spartan Capital Securities in New York.
"It's a knee-jerk reaction," Cardillo said, adding that
strength in earnings was sufficient to prop up markets.
The Philadelphia SE Semiconductor index .SOX hit a fresh
record, with Broadcom Inc AVGO.O rising 1.9% after entering
into a supply agreement with Apple Inc AAPL.O . L4N29T2J9
Analysts expect earnings at S&P 500 companies to drop 0.5%
in the fourth quarter, but forecast a 5.5% rise for the first
quarter of 2020, according to Refinitiv IBES data.
American Express Co AXP.N rose 2.4% after reporting a
better-than-expected quarterly profit as more people used its
credit cards for shopping and paying bills. However, financial stocks were hit by declines in shares of
big banks including JPMorgan Chase & Co JPM.N and Bank of
America Corp BAC.N , which fell more than 1.5%, tracking a drop
in U.S. Treasury yields. US/
At 11:47 a.m. ET, the Dow Jones Industrial Average .DJI
was down 0.25% at 29,087.92. The S&P 500 .SPX fell 0.41% to
3,311.79 and the Nasdaq Composite .IXIC dropped 0.22% to
9,382.10.
Healthcare stocks .SPXHC fell 1.4%, dragged down by
Bristol-Myers Squibb Co BMY.N and Amgen Inc AMGN.O .
Energy stocks .SPNY dropped 1.2%, hit by weaker oil prices
on concerns over the China coronavirus curbing travel and oil
demand. O/R
Declining issues outnumbered advancers for a 1.67-to-1 ratio
on the NYSE and a 1.92-to-1 ratio on the Nasdaq.
The S&P index recorded 84 new 52-week highs and three new
lows, while the Nasdaq recorded 104 new highs and 35 new lows.