UNITED STATES (OBSERVATORY NEWS) — Global stocks fell for the sixth consecutive day on Thursday, wiping out more than $ 3 trillion in value this week alone, as the rapid spread of the coronavirus outside of China raised fears of a global pandemic.
The number of new infections in China, the source of the epidemic, was exceeded for the first time by new cases elsewhere, notably in South Korea, Italy and Iran.
To add to the concerns, the U.S. Centers for Disease Control and Prevention has confirmed an infection in California in a person who has no relevant travel history or exposure to another known patient.
This brings the total number of cases in the United States to 15, according to the CDC.
The coronavirus has infected more than 80,000 people worldwide and killed nearly 2,800, the majority of them in China. Much is still unknown about this disease, but it is clear that the ramifications of the world’s second largest economy, which has been shutdown for a month or more, are vast.
Major Wall Street indices fell for a fifth consecutive session on Wednesday, as investors worried about the impact of the crisis on the global economy and US businesses.
At the close of Wednesday, the Dow lost more than 2,000 points this week. The average of the 30 stocks is also on the verge of recording its worst weekly performance in percentage since 2008, with a drop of 7% over this period.
The Dow also fell more than 8% from its record high set at the start of the month.
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