Global Markets Fall Sharply as Virus Cases Spread Beyond Asia
NEW YORK (AP) — U.S. stocks fell sharply Monday, following a sell-off in overseas markets, as a surge in virus cases and a worrisome spread of the disease outside China sent investors running for safety.
The Dow Jones Industrial Average slumped fell 927 points, or 3.2%, to 28,096, erasing its gains for the year.
The S&P 500 index skidded 103 points, or 3.1%, to 3,234. The Nasdaq fell 348 points, or 3.6%, to 9,228.
Demand for bonds, gold, and other safe-harbor assets surged.
Cases of the virus spiked in South Korea and rose sharply in Italy, while infections were also reported in the Middle East.