CNBC reports stocks tanked on Monday after more cases of the coronavirus were confirmed over the weekend, ratcheting up worries over the virus’ impact on the world economy.
The Dow Jones Industrial Average fell 341 points, or 1.2%, led lower by American Express. The 30-stock average was down more than 500 points earlier in the day. The S&P 500 dropped 1.2% while the Nasdaq Composite slid 1.5%.
“China is the biggest driver of global growth so this couldn’t have started in a worse place,” said Alec Young, managing director of global markets research at FTSE Russell. “Markets hate uncertainty, and the coronavirus is the ultimate uncertainty in that no one knows how badly it will impact the global economy.”
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