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Dow falls more than 400 points as the coronavirus outbreak worsens

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Posted: Jan 24, 2020 8:38 AM
Updated: Jan 27, 2020 7:30 AM


The Dow tumbled Monday morning, as US stock nosedived on the continuing global spread of coronavirus.

The S&P 500 was down 1.6%, while the Nasdaq Composite was down 2.1%. The Dow, which was down as much as 549 points, was most recently down 440 points.

European exchanges are also lower, while Asian markets are closed for the Lunar New Year holiday.

A fifth case of the virus has been confirmed in the United States. All patients had traveled to the Chinese city of Wuhan, where the outbreak originated, prior to falling ill.

Stocks sold off last week amid fears of a global pandemic. The outbreak, which so far has infected thousands people and killed 80, concerns investors about the Chinese economy.

As the second-largest economy in the world, any drop off in China's growth could hurt the global economy, which has already slowed over the past year.

Although the outbreak could be short-lived, it could pose a notable threat to China's economic growth, depending on its duration and severity, noted Oxford Economics economists Tommy Wu and Priyanka Kishore in a note to clients.

'We think that consumption and travel will be the most affected, and to a lesser degree investment and industrial production. We also expect the Chinese government to roll out measures to stabilize growth, if needed,' Wu and Kishore said.

Besides stocks, pain in the global and Chinese economies could also hurt demand for commodities like oil. US oil prices were down 2.3% at $52.92 a barrel.

Traditional safe-haven assets rallied higher on Monday. The price for gold climbed 0.8% to $1,583.60 per ounce, and the 10-year US Treasury bond yield slipped to 1.61%. Bond yields and prices move opposite to each other.

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 11851

Reported Deaths: 232
CountyConfirmedDeaths
Multnomah282472
Marion183153
Washington181520
Umatilla9877
Clackamas95527
Union3692
Lincoln3615
Malheur3021
Lane2943
Deschutes2520
Yamhill1949
Jackson1780
Linn17410
Polk17312
Jefferson1630
Morrow1381
Klamath1351
Wasco1161
Benton1126
Hood River1040
Douglas600
Josephine571
Clatsop550
Coos540
Columbia480
Lake240
Crook181
Tillamook160
Wallowa140
Baker110
Curry90
Sherman40
Harney20
Gilliam10
Grant10
Unassigned00
Wheeler00

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 318761

Reported Deaths: 7027
CountyConfirmedDeaths
Los Angeles1303943795
Riverside24765537
Orange23901421
San Diego19371422
San Bernardino18912304
Fresno790687
Imperial7827135
Alameda7725148
Kern633997
San Joaquin627968
Santa Clara5983166
Tulare5678152
Sacramento533981
Stanislaus463351
Contra Costa460589
San Francisco442650
Ventura424653
San Mateo3949112
Santa Barbara393131
Marin343430
Kings289839
Monterey254018
Solano207528
Merced188412
Sonoma165014
Placer105511
San Luis Obispo9054
Madera8938
Yolo83928
Santa Cruz5683
Napa4774
Sutter3724
Butte3384
San Benito3362
El Dorado3070
Lassen2750
Shasta1876
Yuba1803
Humboldt1654
Glenn1640
Nevada1631
Colusa1130
Mendocino1130
Lake1081
Tehama1041
Calaveras670
Tuolumne640
Del Norte600
Mono501
Siskiyou410
Amador400
Inyo341
Mariposa311
Plumas170
Alpine20
Trinity20
Sierra10
Unassigned00
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