Dow falls 8.7% as US stocks face another rout

NEW YORK: Wall Street stocks were deep in the red early Thursday , resuming after a 15-minute suspension as the economic pain from the coronavirus deepens and widens.

Anxiety was elevated a day after the Dow entered a bear market as the spread of the virus further crimped economic activity. Both Delta Air Lines and United Airlines tumbled more than 10 per cent, adding to losses in a bruising period for the industry.With the market panic having already wiped away more than US$11 trillion in global value, the head of the World Health Organization said the COVID-19 outbreak"is a controllable pandemic" if countries stepped up measures to tackle it.

Tokyo closed down 4.4 per cent, putting it in a bear market after slumping more than 20 per cent from a recent high. "Taking the view that the president's travel ban has only further heightened the likelihood of a global recession ... investors fled," said Connor Campbell, market analyst at Spreadex trading group.The carnage on stock markets spread to Europe, with losses accelerating in Paris and Frankfurt, which both fell more than 10 per cent after the ECB unveiled a series of measures to shore up the eurozone economy, but it did not lower interest rates like central banks elsewhere.

The number of coronavirus cases across the globe has risen to more than 126,000 with 4,600 deaths, according to Johns Hopkins University.Elsewhere Thursday, oil prices were hammered, with benchmark Brent North Sea crude losing more than 7 per cent, as the travel restrictions will further dampen energy demand.

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