The Dow Jones plunged over 1,000 points on Monday, erasing its gains for the year as global fears intensified over the looming threat of a coronavirus pandemic.
The Dow was trading 3.5 percent lower on Monday afternoon, as was the S&P 500. Nasdaq, meanwhile, had dropped 3.9 percent. It was the largest drop for the Dow in two years.
The major selloff was motivated to a significant degree by fears that the Wuhan coronavirus was gearing up to reach pandemic status as several countries reported a surge in cases. Investors were already shaky over concerns that China's economy alone could be devastated by the disease, which has hit that country the hardest. The global death toll for coronavirus has reached nearly 2,400 cases.