2/25, 8:01 PM (Source: TeleTrader)
more TeleTrader news

Dow slumps 700 points to 4-month low as virus woes mount

Equities on United States markets extend losses on Tuesday with the Dow Jones Industrial Average plunging more than 700 index points following fresh worries over the coronavirus outbreak.

The head of the World Health Organization's (WHO) mission in China Bruce Aylward asserted that the world is "simply not ready" to contain COVID-19 that killed over 2,700 people globally. The number of confirmed cases surged over 80,000 worldwide as the infection spread across Europe with Austria, Switzerland and Croatia reporting their first cases.

On the data front, consumer confidence in the United States failed to meet the expectations in February, according to the Conference Board.

The Dow fell 2.54% at 2:03 pm ET to its lowest level since November 1. Meanwhile, the Nasdaq 100 lost 2% at the same time and the S&P 500 went down by 2.41%.

The euro jumped 0.22% against the dollar, going for 1.08764 at 2:06 pm ET.

Breaking the News / GA