Reuters: Wall Street tumbles as virus fuels economic worry
NEW YORK (Reuters) - U.S. stocks suffered their worst day in over three months on Monday as China extended the Lunar New Year holiday due to a virus outbreak, fueling worries about the economic impact of containment efforts in the world’s second largest economy.
The benchmark S&P 500 suffered its worst weekly performance since September last week as China locked down several cities and curbed travel, reminding investors of the deadly SARS virus that killed nearly 800 people in 2002-03 and cost the global economy billions.
Still, some investors viewed any long-term economic impact as unlikely, given past experiences with viral outbreaks.
“This whole thing is way overblown,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
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Update: Stocks tumble as virus fears spark sell-off; Dow falls 453 (AP)
WNU Editor: The markets will recover. But expect lousy China GDP numbers in the next quarter.
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