CNBC: Dow drops 780 points as coronavirus cases outside of China surge
Stocks fell sharply on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.
The Dow Jones Industrial Average traded 782 points lower, or 2.7%. The S&P 500 slid 2.5% while the Nasdaq Composite traded 3% lower. At its low of the day, the Dow was down 997.04 points.
“The second-largest economy in the world is completely shut down. People aren’t totally pricing that in,” said Larry Benedict, CEO of The Opportunistic Trader, adding a 10% to 15% correction in stocks may be starting. He also said some parts of the market, particularly large-cap tech stocks, appear to be over-owned. “It seems like there’s much more to come.”
Monday’s drop put the Dow on pace for its biggest one-day point drop since August, when it lost 800 points.
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Update #1: Global markets fall sharply as virus cases spread past Asia (AP)
Update #2: Dow plunges more than 800 points as pandemic fears rise (Reuters)
WNU Editor: No kidding .... China shutdowns to impact economy: White House economist (AFP).
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