The Dow Jones Industrial Average plummeted 879 points on Tuesday, as fears of the highly contagious COVID-19 Corona-virus slowing the global economy mounted.
The S&P 500 fell by 97.68 points, and the Nasdaq Composite had lost 255.67 points at market closing time, adding to the sharp decline already endured by US stocks this week.
On Monday, the market endured a loss of more than 1,031 points, marking the largest one-day drop in the last six months.
The market’s recent downward spiral comes amid investors’ increased anxiety surrounding the continued spread of the Corona-virus in and outside of China, and its impact on the global economy.
US health officials spoke with uncertainty on Tuesday as they announced the spread of the disease throughout the country has prompted the government to prepare for a potential pandemic.
South Korea, the country with the highest number of confirmed coronvirus cases outside of mainland China, is nearing a total of 1,000 infections and has raised its alert level to “grave.”
According to the Johns Hopkins University Center for Systems Science and Engineering, worldwide, at least 80,410 cases of COVID-19 have been confirmed, and 2,708 individuals have lost their lives to the disease.
With a 2% death rate and an estimated 40% of the world population at risk for contamination, the global death toll has the potential to rise to 80 million people over the coming years.
Sputnik / ABC Flash Point News 2020.