Stocks across the globe and oil prices continued to tumble on Thursday and U.S. Treasury yields hit record lows as traders fretted over the economic impact of the spreading coronavirus.
On Wall Street, major indexes were set for their steepest weekly pullback since the global financial crisis more than a decade ago as rising numbers of new infections outside China raised fears of a pandemic.
The Dow Jones Industrial Average fell 744.41 points, or 2.76%, to 26,213.18, the S&P 500 lost 86.69 points, or 2.78%, to 3,029.7 and the Nasdaq Composite dropped 290.67 points, or 3.24%, to 8,690.10.
The pan-European STOXX 600 index lost 4.35% and MSCI’s gauge of stocks across the globe shed 2.53%.
Emerging market stocks lost 1.19%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.24% lower, while Japan’s Nikkei lost 2.13%.
The dollar fell as Treasury yields continued to plumb new lows and investors bet that the Fed would cut interest rates to offset the impact of the spreading coronavirus.
The dollar index fell 0.747%, with the euro up 1.13% to $1.1002. Sterling was last trading at $1.2887, down 0.12% on the day.
The Japanese yen strengthened 0.57% versus the greenback at 109.79 per dollar.
Gold, sought as a safe-haven, added 1.0% to $1,655.50 an ounce.
Oil prices plunged for a fifth day on fears of a pandemic that could slow the global economy and dent demand for crude.
U.S. crude fell 5.4% to $46.10 per barrel and Brent was last at $51.15, down 4.27% on the day.