Dow closes down more than 1,000 points as fears increase over the global economic shock of the coronavirus.
Scientists say the new virus, dubbed COVID-19, is both more easily transmitted and less deadly than the SARS epidemic, but much still remains unknown. As a result, Ian Shepherdson, chief economist at Pantheon Macroeconomics, said, “Markets are now slaves to the news flow.”
“The spike in infections in South Korea, mostly concentrated in the congregation of a single church, a surge in cases in Italy, and news of an outbreak in Iran, where the health care system is of uncertain quality and the government is secretive, has triggered fears that China's aggressive quarantining efforts won't keep the virus from spreading globally,” Shepherdson wrote in a client note.
Coronavirus has struck at a time when major economies, including Japan, Germany, India and Hong Kong, are facing a downturn due to other factors such as the U.S.-China trade dispute and political protesters.
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