Global Stocks Plummet as Coronavirus Cases Spike Internationally

By Justin Pei

Rochester, NY–Stocks plunged sharply on Monday as the number of new coronavirus cases outside of China, sparking continuing fears of a prolonged global economic slowdown as a result of the virus. Italy reported more than 150 cases of coronavirus while Iran saw 8 deaths on Sunday.

Stocks in the U.S. are on track for a 3rd consecutive session of losses. The Dow Jones dropped over 800 points or 3.1%. The S&P 500 fell 3% while the Nasdaq Composite slid 3.5% lower. The biggest losses were in the technology and airline Sectors. Shares of Apple fell 4.5% in early market trading. American Airlines shares dropped 9.8%, a four month low while shares of Delta were down 7%. United Airlines was also off by 4%.

In Europe, the Stoxx 600 dropped 3% while in Asian, the Hong Kong Hang Seng Index was down 1.8% or 487.93 points.