The Dow Jones Industrial Average plummeted 1,000 points on Friday, dropping 4 per cent on the back of traders' fears of coronavirus spread as it affects a growing number of countries.
Meanwhile, the S&P 500 lost 3.7 per cent in early morning trade, while the Nasdaq suffered a decline of 3.5 per cent.
The tumble comes amid a major week-long sell-off, prompted by fears of the coronavirus epidemic.
The coronavirus disease was first reported in the Chinese city of Wuhan in late December and has so far infected more than 83,700 people, resulting in the deaths of over 2,850 people. Over a third of the people who have contracted the disease have since been cured, including more than 3,770 individuals over the last 24 hours.
Earlier this day, Brent oil sank below $50 per barrel for the first time since December 2018. Oil quotes continue to fall amid demand risks caused by China's coronavirus. The disease continues to spread outside China prompting traders to fear that the disease may restrain economic growth, which will affect oil demand.