Home » Markets » Wall Street picks these stocks as winners in coronavirus sell-off
Wall Street picks these stocks as winners in coronavirus sell-off
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By STAN CHOE AP Business Writer
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NEW YORK (AP) — Stay indoors and stay clean. That's what Wall Street is betting people around the world will do given all the fears about a rapidly spreading virus.
As stock markets tumble on worries about how much COVID-19 will harm people and slow the global economy, more than a handful of companies have nevertheless been rising to new highs. They cross a range of industries, but in each of them investors see a chance to make money off fears about the virus.
Clorox is close to an all-time high after jumping Monday amid expectations that homes and hospitals will use more of its disinfecting wipes, for example. Zoom Video Communications, which lets people conduct meetings online instead of in person, has surged nearly 40% in five weeks on the belief that people want to avoid getting within coughing range. A host of vaccine makers have shot higher on hopes that they may come up with something to corral the new virus.
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In some cases, analysts say the moves are overdone. Medical experts still can't say how far and how quickly the virus will spread. The rapidly rising numbers of cases outside the viral outbreak's center in China sent the S&P 500 on Monday to its worst day in more than two years. The index is down about 3.1% since Jan. 17, when the market set a new high before worries about the virus began to crescendo.
The vaccine makers are particularly speculative bets because there's no guarantee they'll come up with anything. But that's not keeping Wall Street from looking for potential winners. Here's a look at a few: