Stocks Post Biggest Drop Since October on Virus: Markets Wrap
- More U.S. cases of coronavirus spook equity investors
- Oil drops for a fourth day while greenback strengthens
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The spread of a deadly respiratory virus rattled global markets, sending U.S. stocks lower and fueling demand for havens in government bonds and gold. Oil fell for a fourth day on concern the outbreak will dent economic growth.
The S&P 500 Index posted its biggest drop since October amid reports that U.S. officials had confirmed two more cases of the illness, which originated in China and has also spread to several countries in Asia and to Europe. Benchmark Treasury yields fell to a three-month low, while the dollar advanced for a second day.