US stocks tumbled across the board on Monday, heading for their sharpest daily loss in more than six months, as investors headed for the exits on signs of a growing global contagion from China's coronavirus pandemic
NEW YORK (Pakistan Point News / Sputnik - 24th February, 2020) US stocks tumbled across the board on Monday, heading for their sharpest daily loss in more than six months, as investors headed for the exits on signs of a growing global contagion from China's coronavirus pandemic.
Wall Street's broadest stock index, the Dow Jones Industrial Average, fell 2.6 percent to 28,227 by 10:10 AM ET (15:10 GMT). Its previous sharpest loss was 3 percent on August 14.
The S&P 500 index, which reflects the performance of the top 500 US stocks, tumbled 2.4 percent to 3,258, versus its August 14 loss of 2.9 percent.
The technology-heavy Nasdaq Composite index slumped 2.8 percent to 9,307, after its 3 percent drop on August 14.
A spike in the so-called Covid-19 infections in Italy, South Korea and Iran triggered risk aversion across markets, sending investors toward safe havens like gold, the Dollar and US Treasury notes.
