Disney, Amazon, ViacomCBS Shares Hit as Stock Market Tumbles Amid Coronavirus Fears
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Fears of the Coronavirus spreading across the world sent major stock indices tumbling on Monday morning. Shares of Disney and Amazon were down more than 4% in early trading as reports that the deadly virus has hit South Korea and Italy spooked investors.
The Dow Jones Industrial Average was down more than 900 points, or more than 3%, in the first hour of trading in the U.S. The NASDAQ dropped more than 300 points, or 3%.
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Disney, which is vulnerable to pandemic concerns because of its theme parks, saw shares fall nearly 5%. Amazon, another company with global exposure, fell 4.3%. ViacomCBS shares, which were battered last week after the company’s first post-merger earnings report, were also down more than 4%.
Netflix, AT&T, Comcast, Discovery, Fox Corp. and AMC Networks were more resilient against the downturn, posting drops in the 2%-3% range.
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