The Dow Jones Industrial Average plummetted more than 1,000 points as news of a spreading coronavirus outbreak suggests wider coming damage to the global economy.
Today's stock market drop was the worst for the Dow in two years, and wiped out all gains so far in 2020.
Nervous investors scrambled for safety, loading up on gold, U.S. government bonds and other safe-harbor assets. The price of oil fell sharply on expectations that demand for energy would tumble. The Dow lost 1,031 points, or 3.6%, to 27,960. The S&P 500 fell 111, or 3.4%, to 3,225. The Nasdaq fell 355, or 3.7%, to 9,221.
(…) Technology companies were among the worst hit by the sell-off. Apple, which depends on China for a lot of business, slid 3.4%. Microsoft dropped 2.6%. Banks were also big losers. JPMorgan Chase fell 2.1% and Bank of America slid 4.4%.
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