U.S. Stocks Plummet as Number of Coronavirus Cases Surges Outside China, Dow Jones Drops Over 1,000 Points
By Fox Business // February 24, 2020
ABOVE VIDEO: Dow plunges as coronavirus spirals.
(FOX BUSINESS) – U.S. equity markets experienced a sharp selloff on Monday after a surge in the number of coronavirus cases outside of China.
The Dow Jones Industrial Average plunged by as many as 1,080 points, or 3.7 percent, before trimming its losses while the S&P 500 and Nasdaq fell by as much as 3.5 percent and 4 percent, respectively.
The point drop for the Dow and S&P, now in negative territory for 2020, was the largest since February of 2018. For the Nasdaq it was the steepest point decline since December of 2018.
The barrage of selling came after South Korea, the country with the third-most cases, reported 161 new cases on Monday, raising its total number of cases to 763 and its death toll by two to seven. Italy and Iran said their number of new cases jumped to 152 and 43, respectively.
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