Canindia News

US stocks in bear grip, Dow plunges nearly 1,000 points

Mumbai, Feb 28 (IANS) Sombre mood at Wall Street continued on Friday with the Dow Jones Industrial Average falling nearly 1,000 points yet again. US stocks mirrored losses in Asian and European financial markets owing to the fast spreading coronavirus.

The benchmark S&P 500 lost nearly 100 points or 3.34 per cent to trade at 2,879.40 while the Nasdaq plunged 2.61 per cent or 223 points to 8,343.16.

Selling intensified in the US stocks after reports surfaced that California is monitoring 8,400 people for potential coronavirus infection. Besides, several companies like Apple and Goldman Sachs have slashed their profit outlook.

The coronavirus (COVID-19) outbreak is likely to be declared a pandemic and the focus is now shifting from China to South Korea, Iran, Italy and Japan where number of cases are escalating fast. Even Germany, Brazil and several other countries have joined the list, Moody’s said on Friday.

The World Health Organization (WHO) has said that the coronavirus outbreak has reached a “decisive point” and has “pandemic potential” as the toll in China increased to 2,788 on Friday.

The number of coronavirus cases in South Korea increased to 2,022 on Friday, while Italy has confirmed 122 more coronavirus cases, bringing the total number of confirmed cases to 650.

–IANS

ravi/arm

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