U.S. stocks took a nosedive in New York on Monday with the Dow marking its largest single-day points drop amid growing concerns over the impact of the coronavirus outbreak on the global economy.
The 30-issue Dow Jones Industrial Average lost 2,013.76 points, or 7.79 percent, to end at 23,851.02. It was the sharpest decline since the Dow registered a 7.87 percent fall on Oct. 15, 2008, when the market was roiled in the global financial crisis.
The tech-heavy Nasdaq Composite Index shed 624.94 points, or 7.29 percent, to 7,950.68.
[Getty/Kyodo]
Several minutes after the start of trading, the Dow fell over 1,800 points, or more than 7 percent. A broader key index, the S&P 500, also skidded more than 7 percent, resulting in a temporary suspension of stock trading.
Trading resumed 15 minutes after the halt, but selling continued, sending the Dow briefly over 2,100 points lower than the closing quote last Friday.
The plunge of the U.S. stock market came as local media reported that the number of people infected with the new coronavirus in the United States has topped 500, prompting investors to unload shares on fears that the world’s largest economy will slow down.
The dismal Wall Street performance is part of a global sell-off, with the 225-issue Nikkei Stock Average finishing below the 20,000 threshold on Monday.
A collapse in negotiations among oil exporters to cut back production amid a slump in demand over the virus fear drove down crude oil prices, dampening investor sentiment further, analysts said.
European equity markets were also battered, with benchmark indexes in Britain, Germany and Italy falling by amounts ranging from 7.5 percent to 11.2 percent.
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