As the number of countries dealing with Coronavirus rises, the Dow Jones is falling. The index closed about 1030 points down.
It was an ugly day on Wall Street. The Dow closed down more than 1,000 points, its worst day since February 2018. The other major indexes all closed down more than 3% each. https://t.co/4aA1TsJbTc pic.twitter.com/3l2tzG0IGR
— CNBC (@CNBC) February 24, 2020
Monday’s moves came as investors watch developments surrounding the coronavirus outbreak that was first reported in China, but has spread rapidly in other countries especially South Korea and Italy, which reported a spike in the number of confirmed cases in recent days.
CBS says cases in South Korea have soared in the last few days.
South Korean President Moon Jae-in said his government had increased its anti-virus alert level by one notch to “Red,” the highest level, in response to the spread of the disease that has infected more than 700 people in the country, mostly in the last few days.
There are even concerns on a U.S. airbase in Daegu, South Korea where one person linked to the base has tested positive for the virus.
Airline and travel stocks are being hit particularly hard as people rethink travel to Asia and now Europe. With six deaths now reported in Italy, fears are rising. The Wall Street Journal reports:
“Italian authorities on Monday shut down schools, universities and museums across the country’s north, and banned public and private gatherings, including soccer matches and cultural events. In Milan, the famed Scala opera house was closed. Venice ended its annual carnival early. Catholic Church leaders announced the suspension of Masses.”
Stunned by Europe’s biggest surge of the #coronavirus, Italy appears to be operating in near panic mode.
— QuickTake by Bloomberg (@QuickTake) February 24, 2020
Watch more from CBS This Morning above.