Stocks Sink, Bonds Soar on Fears Virus Will Stunt Economy
Stocks slumped and bond prices soared for the second day in a row as fears spread that the widening virus outbreak will put the brakes on the global economy.
The losses came a day after the market's biggest drop in two years.
Investors plowed money into bonds, sending the yield on the 10-year Treasury to a record low.
Mastercard joined a growing list of companies warning that the outbreak would hurt its finances.
The Dow Jones Industrial Average fell 878 points, or 3.1%, to 27,081.
The S&P 500 fell 97 points, or 3%, to 3,128.
The Nasdaq lost 255 points, or 2.8%, to 8,965.