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US stocks join global rout on coronavirus fears; Dow Jones down nearly 800 points

The broad-based S&P 500 dove 2.6 per cent to 3,252.23, while the tech-rich Nasdaq Composite Index sank 3.1 per cent to 9,282.16.

February 24, 2020 / 08:54 PM IST

Wall Street stocks plunged in early trading on Monday, joining a global equity selloff on mounting worries that the spread of the new coronavirus will derail global growth. About 10 minutes into trading, the benchmark Dow Jones Industrial Average stood at 28,191.85, down 2.8 per cent or around 800 points.

The broad-based S&P 500 dove 2.6 per cent to 3,252.23, while the tech-rich Nasdaq Composite Index sank 3.1 per cent to 9,282.16.

Losses were widespread with the technology, financial and energy sectors all down significantly as news of additional infections in Europe, the Middle East and Asia triggered more drastic efforts to stop people from travelling.

Bourses in Europe and Asia also fell sharply.

"There is burgeoning fear that the shutdown effect that has hit China's economy is going to take over elsewhere, dealing another blow to global growth, and earnings growth, prospects," said Briefing.com analyst Patrick O'Hare.
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