Dow plunges over 1,000 points as coronavirus fears mount

Dow plunges over 1,000 points as coronavirus fears mount

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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 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.

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By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.