US stocks tumble as coronavirus declared pandemic

The US stock indices plunged on Wednesday after World Health Organization (WHO) declared coronavirus.

This is the second major fall in just three days and wipe out Tuesday’s recovery.

The major indices ended down included: Dow Jones plunged by 1465 points or 5.9 percent to close at 23,553 points.

The S&P 500 fell by 4.9 percent at 2,741. Nasdaq Composite came down by 4.7 percent to 7,952.

According to CNBC the coronavirus-induced sell-off reached a new low on Wednesday as Wall Street grappled with the rapid spread of the virus as well as uncertainty around a fiscal response to curb slower economic growth resulting from the outbreak.

Earlier in the day, the WHO declared the coronavirus outbreak a pandemic.

As the number of confirmed cases of the virus worldwide surpassed 112,000 – and the death toll neared 4,500 – the WHO said it was ‘deeply concerned by the alarming levels of spread and severity’.

The Director-General of the UN agency, Dr Tedros Adhanom, also blasted governments for ignoring repeated WHO pleas to take urgent and aggressive action, with cases of the deadly illness outside of China having risen 13-fold in the space of a fortnight because of escalating crises in Italy, Iran, Spain, Germany, and France.

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