NEW YORK CITY — The Dow Jones Industrial standard fell over 800 points within minutes of the market opening on Monday morning as investors expressed concern over a surge in coronavirus cases outside China that could lead to an impact on global growth.
The benchmark S&P 500 fell below a 50-day moving average and the Dow dropped below a 100-day moving average, reported Reuters. Both are indicators of momentum.
There are currently 79,744 COVID-19 coronavirus cases worldwide and 2,629 have died from the virus. There are over 51,000 currently infected patients and 25,267 that have recovered from the infection.
A recent outbreak in northern Italy has caught authorities off-guard and marked the first major such outbreak in Europe. The government there has locked down 50,000 people across 10 towns as infection rates reach 219 people on Monday.