Traders work on the floor of the New York Stock Exchange on January 27, 2020 in New York City. Spencer Platt/Getty Images/AFPGlobal stocks and oil dropped on Monday as panicked investors fled risky assets for safer bets gold, bonds, the dollar and the yen after China warned that a deadly new coronavirus was spreading fast.
“The bottom line is that the virus has become deadly and it has caused a major panic in markets,” said Ava Trade analyst Naeem Aslam. “I think it’s very logical, especially given that the sectors that would be affected by any slowdown are getting hit the hardest.”
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