The US stock market took a dive on Monday, following the pattern of Asian and European stocks, as concerns mount over new coronavirus outbreaks in the United States and China.
The Dow Jones Industrial Average plummeted 2.4 percent at the opening bell. The S&P 500 index of America’s top 500 corporations slid 1.9 percent, while the tech-heavy Nasdaq Composite is trading 1.4 percent lower. Last week, all three major equity benchmarks suffered their worst week since March 20.
European investors also weighed the potential resurgence of the deadly virus. Stocks in London, Frankfurt and Paris joined the global sell-off, with the British FTSE 100, Germany’s DAX and France’s CAC 40 starting the week more than two percent lower.
In Asia, Japan’s Nikkei shed over three percent, making it one of the worst performers in the region as the week began. South Korea’s Kospi fell even lower, losing more than four percent.
The global market’s pullback comes after China reported 36 new coronavirus cases earlier on Monday, bringing the total number to 79 since a locally transmitted infection was reported on June 12, the first in nearly two months. The Chinese capital said it was reintroducing strict lockdown measures and rolling out mass testing.
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