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.
Meanwhile, the World Health Organization says the coronavirus outbreak that began in China is not a pandemic. The group’s director general said today the COVID-19 virus is spreading, but not in an uncontained way. He told reporters on a conference call that some parts of the world are experiencing epidemics but added, “they can be managed.” WHO officials declared the virus a global health emergency last month with more than 79-thousand confirmed cases. So far, at least 26-hundred people have died from the illness.
Glenn Wiggle a financial expert with The Financial Guys in Jupiter says despite the market plunge, it is too soon to panic about your 401K. Listen to Glenn’s full analysis of the stock market reaction to Covid-19 and what it means to you.
To contact Glenn Wiggle and The Financial Guys call 561-614-2000