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Dow sinks 1,000 points on alarm over virus spreading in United States

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Wall Street's losses deepened and the Dow Jones Industrials shed 1,000 points in afternoon trading on Thursday as death toll in the United States ...

REUTERS: Wall Street's losses deepened and the Dow Jones Industrials shed 1,000 points in afternoon trading on Thursday as death toll in the United States rose to 11 and travel related stocks took a severe beating.

Investors dumped stocks and rushed to the safe havens, boosting gold prices by 1.8per cent and pushing the yield on the benchmark 10-year U.S. Treasury to a record low. As virus cripples travel demand, the International Air Transport Association flagged a potential US$113 billion hit to global airline travel, sending the S&P 1500 Airlines Index down 8.1per cent.Carrier Southwest issued a revenue warning, while United Airlines and JetBlue Airways cut flights and implemented cost controls.

All the major S&P sectors were in the red with a 5.3per cent fall in the interest-rate sensitive financials sector weighing the most.

 

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