US stocks opened lower as investors were cautious following last week’s record highs and facing issues like impeachment, a virus outbreak in China and the World Economic Forum in Davos, Switzerland. At the close the Dow was off 152 at 29,196. Trading volume was on the light side.
Shares of Boeing broke support at $320 per share and fell about 5% to $306 after the company said it was looking at a June or July time period for regulatory approval to return the 737 Max to service. This is much later than expected. The company was also lining up a consortium of banks to back a $10 billion line of credit just….. in case!
Back in 2002/2003 an outbreak of the SARS virus in Asia took the lives of over 800 people and cut economic activity as countries fought to contain the disease via travel restrictions. Over the weekend an outbreak of coronavirus occurred in Wuhan China prompting government action. US airports on the west coast have begun screening for anyone coming from affected areas. Chinese stocks and shares of US gaming companies pulled back because operations could be hampered as officials discourage Chinese New Year travel and celebrations in an effort the slow the spread of the disease.
13 scouts hit the snow this weekend at the Fish Lake Resort near Lake Wenatchee where the owners let us set up camp in a field by the lake. The scouts did compass work and some hiking. There was decent snow and the weather was ok. Getting the bus over Steven’s Pass was a bit of a slog. Our next adventure is a snowshoe hike to Lake Kachess on Snoqualmie Pass. We are looking forward to making…….flaming snowballs!