icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Feb, 2020 14:42

US stocks suffer massive losses on mounting fears over coronavirus spreading

US stocks suffer massive losses on mounting fears over coronavirus spreading

Dow Jones and S&P 500 stock indexes tanked as trading in the US opened on Monday following an earlier sell off in European and Asian markets amid concerns the coronavirus epidemic may lead to a prolonged global economic slowdown.

The Dow Jones Industrial Average shed more than 970 points or 3.4 percent – the biggest one-day point loss since February 2018, when it fell more than 1,000 points. The S&P 500 plummeted more than 3 percent and the Nasdaq Composite was down nearly 4 percent after the opening bell.

Also on rt.com Coronavirus sends global stock markets in tailspin amid rising pandemic concerns

The decline in the US stock market comes as investors are concerned over the rapid spread of the pneumonia-like virus, that originated in China. The number of cases outside the country spiked over the weeked, forcing Italy and South Korea to step up efforts to battle the outbreak.

Earlier on Monday, the epidemic tanked stocks in Europe with all major indices losing between 3.5 percent and 4.3 percent. Asian markets also closed in the red, except for Japan as its stock exchange was closed for a scheduled holiday.

For more stories on economy & finance visit RT's business section

Podcasts