BaltimoreJewishLife.com | Dow Craters Over 1,000 Points As Coronavirus Spreads

U.S. equity markets were under severe pressure Monday following a surge in the number of coronavirus cases outside China.The Dow Jones Industrial Average plunged by as many as 1,030 points, or 3.6 percent, before slightly trimming its losses while the S&P 500 and Nasdaq fell by as much as 3.5 percent and 4 percent, respectively. The early selling dropped the Dow into negative territory for 202

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.
Meanwhile, China’s National Health Commission reported 409 new cases and 150 new deaths on Monday, raising those totals to 77,150 and 2,592, respectively.

The updated figures came after Chinese President Xi Jinping warned the outbreak would deliver a blow to the Chinese economy.

"The outbreak of novel coronavirus pneumonia will inevitably have a relatively big impact on the economy and society,'' Xi said, adding the crisis is a “big test” for Chinese leadership.

Looking at stocks, travel-related names were sharply lower. Delta and United airlines were weaker along with cruise operators Carnival Corp. and Royal Caribbean and casino operators Wynn Resorts and MGM Resorts International. Read more at FOX Business

Dow Craters Over 1,000 Points As Coronavirus Spreads

The Dow Jones Industrial Average is now negative for the year