Coronavirus sparks deepest S&P 500 drop since early 2018

26 February, 2020 12:00 AM printer

SAN FRANCISCO: The S&P 500 suffered its worst day in two years on Monday as a surge in coronavirus cases outside China rattled investors already worried about valuations following recent record highs.

The S&P 500’s 3.35per cent slump was the leading U.S. stock index’s deepest one-day loss since February 2018, when Wall Street was in a correction, report agencies.

The fear in Monday’s session came after investors in recent months often downplayed the overall risk related to the new coronavirus. Monday’s drop wiped out all of the S&P 500’s gains for 2020.

The Philadelphia Semiconductor Index has fallen 9per cent from its record high last week.