Stocks tumble as coronavirus fears rise

Stocks fell sharply Monday after more cases of the coronavirus were confirmed over the weekend, ratcheting up worries over the virus’ impact on the world economy.

The Dow was down more than 350 points, led lower by Nike and American Express. The 30-stock average was down more than 500 points earlier in the day. The S&P 500 dropped 1.3%, while the Nasdaq slid 1.5%.

There are 2,862 confirmed cases so far in China and the death toll in China has risen to 81. The World Health Organization’s director general is traveling to China to meet with government and health officials. In the U.S., a fifth case of coronavirus was confirmed over the weekend.

“China is the biggest driver of global growth so this couldn’t have started in a worse place,” said Alec Young, managing director of global markets research at FTSE Russell. “Markets hate uncertainty, and the coronavirus is the ultimate uncertainty in that no one knows how badly it will impact the global economy.”

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