Stocks Tumble Globally on Fears of Coronavirus Spread

Stock markets tumbled worldwide on Monday with the 30-issue Dow Jones Industrial Average in New York briefly losing nearly 1,000 points amid growing concerns over the continued spread of the coronavirus from China.

At the outset of trading, the Dow shed 997.04 points to hit 27,995.37, following dismal performances in European and Asian equity markets.

In the South Korean stock market, the key index KOSPI plunged nearly 4 percent from late last week as the number of people testing positive for the pneumonia-causing disease has sharply increased in the country.

European stocks were also battered widely, with Italian stocks briefly diving by as much as 6 percent. The Tokyo stock market was closed Monday for a national holiday.

After a two-day meeting in Riyadh through Sunday, the finance chiefs and central bank governors from the Group of 20 major economies showed their readiness to act together to mitigate impacts on the global economy from risks associated with the spread of the virus.

But investors were apparently left disappointed with a lack of specific measures to bolster economic growth and unloaded their holdings.

==Kyodo