Stocks are opening sharply lower on Wall Street and bond yields are sinking to more record lows as investors fear that economic damage from the spreading coronavirus outbreak will be longer than previously thought.
A trader studies his screens as he prepares for the day's activities on the floor of the New York Stock Exchange, Friday, March 6, 2020.
Even a better-than-expected report on U.S. jobs wasn’t enough to pull markets from the undertow. It’s usually the most anticipated piece of economic data each month, but investors looked past February’s solid hiring numbers because they came from before the new coronavirus was spreading quickly across the country.
U.S. stock indexes slumped another 3% in the first minutes of trading, following 4% losses for Europe and 2% losses for Asia. Crude oil lost more than 4% in part on worries that an economy weakened by the virus will burn less fuel. A measure of fear in the U.S. stock market surged 22%
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