Dow slumps 866 points in early trade

U.S. stocks fell sharply Monday, following a sell-off in overseas markets, as a surge in virus cases and a worrisome spread of the disease outside China sent investors running for safety. The Dow Jones Industrial Average slumped 866 points, or 3%, to 28,127, giving up all of its gains for the year. The S&P 500 index skidded 2.7%. The Nasdaq fell 3.1%as of 11-07 a.m.

More than 79,000 people worldwide have been infected by the new coronavirus. China, where the virus originated, still has the majority of cases and deaths. But, the rapid spread to other countries is raising anxiety about the threat the outbreak poses to the global economy.

Germany’s DAX slid 4% and Italy’s benchmark index dropped 5.9%. South Korea’s Kospi shed 3.8% and markets in Asia fell broadly.