By Justin Pei
Rochester, NY–U.S. stocks dropped again on Tuesday after Monday’s steep losses as concerns over the economic impact of the coronavirus continues to spark fears amongst investors. The 10-year Treasury yield hit a record low of 1.33% as the Dow Jones Industrial Average traded 465 points or 1.5% lower on Tuesday. The S&P 500 fell 1.6% while the Nasdaq Composite slid 1.1%.
Tuesday’s losses were led by the energy sector, which fell more than 2%. Crude oil prices were down 0.47% to $50.74 a barrel as investors Anticipate continued economic slowdown of China’s economy. China is currently the world’s largest consumer of crude oil and commodities.
The stock drops come as the Centers for Disease Control and Prevention (CDC) warned U.S. officials about the possibility of more cases of coronavirus emerging in the U.S. Top health officials said Tuesday that Americans should prepare for the possibility of the spread of coronavirus in communities.