Coronavirus fears have led to a stock plunge.
The Dow Jones Industrial Average traded 979 points, or 3.4 percent, lower at Monday's opening, putting it on pace for its biggest one-day point drop in three years, per CNBC. The record currently belongs to a 1,175-point decline in February 2018. At the moment, the drop is the third-highest in that timeframe, and the Dow has erased its gains for the year, per Bloomberg.
S&P 500 registers its biggest drop since August, Dow Jones erased its gains for the year. #BQMarketNow
— BloombergQuint (@BloombergQuint) February 24, 2020
The other major indexes, the S&P 500 and the Nasdaq Composite, fell 3.2 percent and 4 percent, respectively, and several major industries, especially those that rely heavily on Chinese consumers, have also taken hits as a result of the virus' global spread, which now has countries like Italy, Iran, and South Korea undertaking significant measures to contain it.
More stats on the #coronavirus’s impact on global business:
-$29 billion loss in airline revenue
-China auto sales down 92%
-387 Procter & Gamble suppliers in China interrupted
-Adidas sales in China down 85%https://t.co/P86EPreRrg
— Jeff Giesea (@jeffgiesea) February 22, 2020
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