The Dow Jones Industrial Average has been down around 950 points at the open on global market fears over a spike in coronavirus cases especially in Italy.
The Nasdaq and S&P 500 are also down about three-percent as investors watch developments related to rapid spread of COVID-19 outside China.
Wall Street’s sharp declines follow a plunge in Asian and European markets overnight.
Stock markets around the world fell over fears that the coronavirus could go global with a surge in reported cases of the pneumonia-like virus in South Korea and Italy https://t.co/E2O1Ay6yQT pic.twitter.com/OAiZoaqucU
— Forbes (@Forbes) February 24, 2020
Coronavirus cases are on the rise in Italy and measure are being taken to fight the disease.
A government official said today five people have died. Just over 90 others are being isolated at home as they fight the virus. Most of the cases are in the region that includes Milan. That has led to the city’s famous cathedral to no longer allow tourists. There will also be no school in Milan this week.