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U.S. stocks tumble as coronavirus cases spike in China

Source: Elaine Kurtenbach, The Associated Press, January 27, 2020 

U.S. stocks tumbled following a sell-off in markets in Europe and Japan Monday after China announced a sharp rise in cases of a deadly new virus that threatens to crimp global economic growth.

Every major U.S. index gave up a significant amount of their gains for January and bond yields moved lower as investors headed for safer holdings. Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose.

Investors are in a “sell first, ask questions later situation,” said Alec Young, managing director of global markets research at FTSE Russell.

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Image Source: Global News

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