NEW YORK (AP) — Stocks are opening sharply lower, extending a weeklong rout and bringing the Dow Jones Industrial Average 10% below the record high it hit two weeks ago.
Investors continue to dump stocks and shovel money into ultra-safe assets like bonds as they fear that the spreading virus outbreak will weigh heavily on the global economy by slowing down manufacturing, travel and spending.
More companies including Microsoft and Budweiser maker InBev are warning their results will be hurt.
The Dow lost 568 points, or 2.1%, to 26,400.
The S&P 500 lost 72 points, or 2.3%, to 3,045.
The Nasdaq fell 256 points, or 2.9%, to 8,723.