New York Stock Market Plunges Over 3%... European Markets Also Widen Losses (Update)

[Asia Economy New York=Correspondent Baek Jong-min] Concerns over the spread of the novel coronavirus infection are dragging down the New York stock market.

[Image source=Reuters Yonhap News]

As of 10:50 a.m. on the 28th (local time), the Dow Jones Industrial Average is down 3.02%, the S&P 500 index is down 3.05%, and the Nasdaq index is plunging 3.17%.

With the COVID-19 situation rapidly worsening mainly in the United States and Europe, investor sentiment has frozen. Newark, the largest city in New Jersey, has suspended indoor dining at restaurants and non-essential business operations after 8 p.m. starting the day before. Chicago also announced it will halt indoor dining at restaurants starting on the 30th.

European stock markets are also plummeting. Reports that German Chancellor Angela Merkel proposed closing pubs and restaurants throughout November have caused the German stock market to fall more than 4%.

The French stock market also dropped 3% amid expectations of a possible national lockdown. Reports have also emerged that a work-from-home order is anticipated in France.

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