Hopes that the outbreak can be contained in China have been replaced this week by worries that infections are spreading around the globe. Measures to contain the virus have wreaked havoc on supply chains, the world's economy and financial markets.
The Dow suffered its biggest points loss on record on Thursday, shedding almost 1,200 points, while its 4.4 per cent drop marked the worst performance in two years. The S&P 500 and Nasdaq also tanked more than 4 per cent. "It is a race to the bottom for US indices such as the Dow and the S&P 500 index, except it may still be too early to call a bottom given the uncertainty around the matter of the coronavirus impact," said Ms Pan Jingyi, market strategist at IG, in a note to CNA.
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