Dow closes down 1,000 points as virus fears wipe out year's gains

Stocks ended sharply lower 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 closed down 1,031 points, or 3.55%, at 27,960. The S&P 500 slid 3.4% to finish at 3,225, while the Nasdaq Composite closed 3.7% lower at 9,221.

It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain.

“The second-largest economy in the world is completely shut down. People aren’t totally pricing that in,” said Larry Benedict, the 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.”

https://www.msn.com/en-us/money/markets/dow-closes-down-1-000-points-as-virus-fears-wipe-out-year-s-gains/ar-BB10iRgQ?ocid=msn360