The Dow tumbles 600 points as coronavirus fears continue
The Dow shed as many as 849 points, or 2.9%, in the early afternoon, while the broader S&P 500 was down 2.5%.The Nasdaq Composite also fell 2.3%.The Dow is more than 7% below its most recent high, putting it close to correction territory. The Dow would need to fall 10% to be in a correction.Economists remain worried about the economic fallout from the virus outbreak, including its effect on global supply chains and trade.
The index has dropped for four consecutive days including Tuesday, shedding nearly 2,000 points in total.US stocks initially appeared to rebound at Tuesday's open, but soon fell back into negative territory.Even so, the risk off sentiment was nothing like Monday, said Fawad Razaqzada, senior market analyst at TradingCandles.com.A further selloff in stocks could be staved off by some bargain hunting and profit taking of investors with short positions, Razaqzada said.
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