Stocks Fall Most Since August 2011 on Virus Angst: Markets Wrap
- S&P 500, Dow Industrial indexes fall into correction territory
- Crude oil slumps to less than $47 a barrel; Gold erases gains
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Global stocks plunged to four-month lows, government debt yields sunk to unprecedented levels and crude oil extended declines as anxiety over the spread of the coronavirus deepened.
The S&P 500 tumbled 4.4% to close at the lowest levels of the day. It whipsawed investors earlier, turning lower late after California’s governor said the state was monitoring 8,400 people for signs of the virus after they traveled to Asia. The decline of more than 10% since last Friday has the benchmark on pace for its worse week since the 2008 global financial crisis and helped push the index into what is known as a correction. The MSCI All-Country World Index fell to the lowest since October, while the Stoxx Europe 600 also entered a correction.