05:03 GMT03 April 2020
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    Coronavirus Outbreak Turns Into Pandemic (233)

    The Dow Jones Industrial Average and S&P 500 fell 12.9 and 12 percent, respectively, earlier, hitting their worst numbers since the "Black Monday" stock market crash of 1987, with the impact felt across the entire global economy starting from Hong Kong and reaching the United States.

    Stock futures jumped on Monday night following the biggest losses since 1987, as the Dow Jones Industrial Average futures went up by 800 points, CNBC News reported.

    S&P 500 and Nasdaq 100 futures were also up more than 3 percent, according to Market Watch.

    Stocks plunged following a series of measures announced by the US Federal Reserve, including slashing interest rates to nearly zero and the buying of $700 billion in Treasurys and mortgage-backed securities, in a bid to stabilise the US economy amid the COVID-19 pandemic.

    Monday closing was the worst day for the Dow Jones since early 2017 and the S&P 500 since December 2018, respectively.

    President Donald Trump earlier said that the new coronavirus pandemic could turn the US economy towards a recession, adding that the virus could last into July-August.

    The COVID-19 virus has already infected over 4,600 people and left at least 85 dead in the United States, according to John Hopkins University. Globally, over 167,500 people have contracted the disease and more than 6,500 have died, according to the World Health Organisation (WHO).

    Coronavirus Outbreak Turns Into Pandemic (233)
    investors, virus, infection, money, finance, Wall Street, United States
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