The first case of Ebola to be diagnosed in the U.S. sent ripples through Wall Street yesterday, as airline stocks slid while shares of drugmakers with potential treatments soared.
The Dow Jones industrial average ended the day down more than 200 points as it was hit with disappointing economic news in addition to Ebola worries.
At first stocks were driven lower by word that German manufacturing had slowed last month. The selling accelerated after a separate survey indicated U.S. manufacturing slowed as well.
News that a Liberian man visiting family in Dallas had been diagnosed with Ebola caused investors to dump airline stocks out of fear that people would be reluctant to travel. JetBlue, Delta, American and Southwest Airlines all fell by more than 3 percent.
"The worse the news headlines get about this, the more risk there is to airlines," Joe Denardi, a Stifel financial Corp. analyst, told Bloomberg.
But shares of drugmakers with potential vaccines or treatments for Ebola rose. Shares of Tekmira Pharmaceuticals, whose TKM-Ebola drug was given to Holden physician Richard Sacra after he contracted the disease in West Africa, soared more than 18 percent. Meanwhile, shares of Cambridge-based Sarepta Therapeutics, whose experimental drug AVI-7537 showed promise before federal funding dried up, rose 3.70 percent.
Other companies that fared well due to the Ebola news included Lakeland Industries, which makes hazmat suits, and Alpha Pro Tech, which makes face masks and eye shields. Lakeland shares soared 29.64 percent, while Alpha Pro Tech rose 10.46 percent.
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