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US stocks tumble, resuming selloff on virus fears

Wall Street stocks resume their downward slide, falling sharply in opening trading amid rising fears the coronavirus outbreak will lead to a recession.

About 12 minutes into trading, the Dow Jones Industrial Average stood at 24,288.78, down about 730 points, or 2.9 percent.

The broad-based S&P 500 also sank 2.9 percent to 2,797.51, while the tech-rich Nasdaq Composite Index dropped 2.6 percent to 8,125.42.

While stocks rallied on Tuesday, equities have been on a broad downward trend for the last three weeks or so as the coronavirus has morphed from a China-centered problem to a global worry, threatening the 11-year US “bull” market for stocks.

Traders work on the floor of the New York Stock Exchange during the opening bell on March 10, 2020 in New York (TIMOTHY A. CLARY / AFP)

— AFP

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