Stocks suffered steep losses Tuesday as investors braced for the economic damage of the spreading coronavirus outbreak.
Wall Street extended a Monday sell-off into Tuesday afternoon despite a brief rebound earlier in the day as the Dow Jones industrial average fell more than 470 points, or around 1.7 percent, shortly after 12:45 p.m. The S&P 500 index sunk 1.6 percent and the Nasdaq composite dropped nearly 1.5 percent.
Nancy Messonnier, a top official at the Centers for Disease Control and Prevention, told reporters Tuesday that an outbreak within the U.S. appears inevitable and the agency expects to see community spread of the disease.
“It’s not a question of if this will happen but when this will happen and how many people in this country will have severe illnesses,” she said. “Disruption to everyday life might be severe.”
U.S. stocks suffered their worst losses in two years Monday and wiped out all of their gains in 2020 after a sharp increase in confirmed coronavirus cases and a new outbreak in Italy emerged over the weekend.
The Dow plunged 1,031 points, or 3.6 percent, on Monday as investors braced for the coronavirus to spread faster beyond China, where it likely originated.
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JUST IN: Stocks sink as health officials brace for US coronavirus spread https://t.co/GSexZIrOoF
— The Hill (@thehill) February 25, 2020
Stocks close with second day of steep losses amid coronavirus panic https://t.co/AZCSTzA2tV pic.twitter.com/ARpiyPbq95
— The Hill (@thehill) February 25, 2020
I'm going to say something in defense of Donald Trump: This is not what's going on. A pandemic is underway. That makes people panicky. Markets don't like that. Understandably.
Trump's incompetence will have an effect at some point, have no fear, but I'm not sure this is it. https://t.co/zG7mLis5Gh— Tom Nichols (@RadioFreeTom) February 25, 2020
Everything is fine. Trump said so. (GROAN)
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