The Dow Jones Industrial Average plummeted more than 700 points Monday morning on fresh news that the Corona Virus is continuing to rapidly spread far beyond its origin point in Wuhan province China.
As The Daily Mail reports:
The Dow Jones Industrial Average traded 782 points lower after the start of trading on Monday as investors feared the deadly coronavirus outbreak in China would become a global pandemic.
The drop put the Dow on pace for its biggest one-day point drop since August, when it lost 800 points.
The same coronavirus fears also caused the S&P 500 to slide 2.5 per cent. The Nasdaq Composite traded 3 per cent lower.
As shares skidded, oil prices sank and the price of gold surged with the number of people infected or killed by the viral outbreak that began in China surging, heaping more uncertainty on the economic outlook.
Both Iran and South Korea announced a massive number of new cases of the deadly virus over the weekend, news that has many observers concerned that the virus could spark a new global recession if it continues to spread unchecked.