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Global Stocks Fall as Dangerous Coronavirus Spreads Global Stocks Fall as Dangerous Coronavirus Spreads
(30 minutes later)
Stocks tumbled on Monday and oil prices fell, as the spread of a dangerous virus in China raised investor worries about the global economy.Stocks tumbled on Monday and oil prices fell, as the spread of a dangerous virus in China raised investor worries about the global economy.
The sudden appearance of the coronavirus, which has now killed at least 80 people in China and infected others in Europe and the United States, among other countries, has shattered a calm that had settled over financial markets in recent months.The sudden appearance of the coronavirus, which has now killed at least 80 people in China and infected others in Europe and the United States, among other countries, has shattered a calm that had settled over financial markets in recent months.
Nearly 3,000 people, mostly in China, have now contracted the disease. China extended the Lunar New Year holiday in an effort to limit travel and contain the outbreak that started in the city of Wuhan. On Sunday, a fifth case of the disease was confirmed in the United States. Nearly 3,000 people, mostly in China, have now contracted the disease. China extended the Lunar New Year holiday by three days in an effort to limit travel and contain the outbreak that started in the city of Wuhan. On Sunday, a fifth case of the disease was confirmed in the United States.
Concerns about the virus were evident on Wall Street on Friday, with shares of airlines and companies dependent on tourism from China particularly hard hit. Concerns about the virus were evident on Wall Street on Friday, with shares of airlines and companies dependent on tourism from China particularly hard hit. The S&P 500 declined 0.9 percent, the worst drop for the index since early October.
On Monday, that selling accelerated. Major stock benchmarks in Europe were down more than 2 percent. While many markets in Asia were closed for Lunar New Year, Tokyo’s benchmark Nikkei 225 index sank 2 percent.On Monday, that selling accelerated. Major stock benchmarks in Europe were down more than 2 percent. While many markets in Asia were closed for Lunar New Year, Tokyo’s benchmark Nikkei 225 index sank 2 percent.
Trading in U.S. stock futures indicated that shares on Wall Street would also open lower. Trading in U.S. stock futures indicated that shares on Wall Street would also open lower. Travel-related stocks, including airlines, were among the worst performers in premarket trading.
Oil prices dropped. Brent crude, the international benchmark, slipped below $60 a barrel, its lowest since October.Oil prices dropped. Brent crude, the international benchmark, slipped below $60 a barrel, its lowest since October.
On Friday, the S&P 500 declined 0.9 percent, the worst for the index since early October. China’s leaders are under pressure as the epidemic spreads at an accelerating rate. Concerns have been raised that the government’s response to the outbreak, which includes a lockdown of cities that affects 56 million people, is too late and could even make the situation worse.
The country’s economy, trying to shrug off its worst slowdown in nearly three decades, is already hurting from the impact on travel and tourism. There are fears the virus will further dampen the consumer spending that fuels the economy as more residents stay home over the Lunar New Year.