Markets plunge as COVID-19 spreads

Markets plunged on Monday.

The S&P 500 lost 3.4 percent and the STOXX Europe 600 lost 3.8 percent.

In Asia, the Shanghai Composite lost just 0.2 percent but the KOSPI plunged 3.9 percent.

Markets fell as the spread of the COVID-19 virus beyond China led to worries that the outbreak will hit economies harder than previously expected.

“Markets were betting that the coronavirus was going to be contained in China, and that we would see some V-shaped recovery. But as headlines on the virus spread have come out, there’s uncertainty how far this will go,” said Keith Lerner, chief market strategist for SunTrust Advisory Services.