Wall Street plunge spares few state businesses

Shares of finance, health care and aerospace slide

Shares of companies that are staples of Connecticut’s economy — health insurance, aerospace and finance — fell sharply Monday as markets were pounded over fears that a spread of the coronavirus will cut economic growth.

United Technologies Corp, Stanley Black & Decker, The Hartford Financial Services Group Inc., the Barnes Group and Cigna all reported declines in Monday’s chaotic trading day.

The Dow Jones Industrial Average fell more than 1,000 points as growing worry about contagion shook investors after a surge of cases outside China — in Italy, Iran and South Korea — were reported over the weekend. The epidemic, which has curtailed Chinese manufacturing, exports and consumption this year, threatens to reduce global growth as factories depend on a supply chain linked to China.

Technology stocks accounted for much of the market slide, which wiped out all of the gains this year posted by the Dow and S&P 500, a broader index of 500 companies.

Apple, which depends on China for a lot of business, slid 4.8%. Microsoft dropped 4.3%. Banks were also big losers. JPMorgan Chase fell 2.7% and Bank of

America slid 4.7%.

Airlines and cruise ship operators also slumped. American Airlines lost 8.5%, Delta Air Lines dropped 6.3%, Carnival skidded 9.4% and Royal Caribbean Cruises tumbled 9%.

More than 79,000 people worldwide have been infected by the new coronavirus. China, where the virus originated, still has the majority of cases and deaths.

“Stock markets around the world are beginning to price in

what bond markets have been telling us for weeks — that global growth is likely to be impacted in a meaningful way due to fears of the coronavirus,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

UTC was down 3.3%, closing at $146.58; United HealthGroup Inc. fell nearly 8%, closing at $277.79; tool and equipment storage manufacturer Stanley Black & Decker Inc. closed the day at $151.08; down 4.4%, The Hartford Financial Services Group Inc. dropped 2.5%, ending at $56.59; and Cigna Corp. plunged 7.8%, closing at $200.36.

The Travelers Cos. Inc. fared among the least worst, falling a fraction of 1%, to $134.12, while shares of aerospace and industrial parts supplier Barnes Group Inc. fell sharply, to $60.84, an 8.2% drop.

Dominion Energy Inc., parent company of Connecticut’s sole nuclear plant, the Millstone Power Station, was among the few gainers, advancing about one-half of 1%, to close at $89.80.