Wall Street stocks finished with steep losses on Monday, joining a global rout as worries mounted that the new coronavirus will derail economic growth.[NEW YORK] Wall Street stocks finished with steep losses on Monday, joining a global rout as worries mounted that the new coronavirus will derail economic growth.
The benchmark Dow Jones Industrial Average plunged 3.6 per cent to 27,960.80, a drop of more than 1,000 points and the biggest loss in a session in more than two years. The broad-based S&P 500 slumped 3.4 per cent to 3,225.89, while the tech-rich Nasdaq Composite Index tumbled 3.7 per cent to 9,221.28.
The selloff left all 11 industrial sectors in the red, with energy and technology shares suffering the biggest losses. Airlines and other travel-oriented stocks were also hammered. Analysts attributed the ugly session to news that the coronavirus had spread over the weekend more rapidly outside of China. Italy has locked down 11 towns and South Korea ordered all 2.5 million residents of the city of Daegu to remain indoors.
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