Dow plunges over 1,000 points as coronavirus fears mount

Dow plunges over 1,000 points as coronavirus fears mount


A sharp rise in coronavirus cases outside of China jolted global financial markets Monday, reviving concerns about the potential economic fallout from the outbreak. 

The Dow Jones industrial average plunged 1,031.61 points, or 3.6%, to close at 27,960.80, its biggest one-day point drop since February 2018, when inflation fears rattled investors. It also erased the blue-chip average’s gains for the year.

The Standard & Poor’s 500 slid 3.4% to end at 3,225.89, but is still sitting within about 5% of its record high on Wednesday. The technology-heavy Nasdaq Composite shed 3.7% to end at 9,221.28. 

Stocks were pummeled after South Korea reported 231 new cases of the deadly virus Monday, bringing the country’s total to 833 cases. China reported 409 new cases, raising the mainland’s total to 77,150. The 150 new deaths from the illness raised China’s total to 2,592. Elsewhere, a surge in reports of new cases in Iran and Italy raised the prospect of more disruptions.


Source link

Categorized as Business

By Bernice Caldwell

Bernice is one of the finest authors Industry News Today portal has until now. Bernice's linguistic and well-written technique is one of the plus points that have the readers glued to her articles. Bernice currently heads the Healthcare and Services domain as her knowledge on the medical topics is immense. She has just joined the Industry News Today portal 6 Months back but the love for writing can be very well seen. She may be short on experience but it has definitely not stopped her from presenting some of the finest articles. Bernice is currently a very well-known personality on the portal to have shown her skillful writing in such a limited time span.

Leave a comment

Your email address will not be published. Required fields are marked *