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Dow sinks 879 points amid growing coronavirus fears

A trader on the floor of the New York Stock Exchange looks at performance figures listed Tuesday on electronic ticker boards, on Wall Street in New York City. Photo by John Angelillo/UPI
A trader on the floor of the New York Stock Exchange looks at performance figures listed Tuesday on electronic ticker boards, on Wall Street in New York City. Photo by John Angelillo/UPI | License Photo

Feb. 25 (UPI) -- An expected rebound after Monday's 1,000-point nosedive on Wall Street did not arrive at the end of trading Tuesday amid renewed concerns about the spread of the coronavirus.

The Dow Jones Industrial Average fell 879.44 points, or 3.15 percent, at the end of trading while the S&P 500 dropped 3.03 percent and the Nasdaq Composite slid 2.77 percent as health officials warned about a possible U.S. outbreak of the disease known as COVID-19.

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Some experts had anticipated at least somewhat of a rebound Tuesday, which has usually been seen following precipitous drops on a Monday, particularly after futures indicated a boost. The major indexes opened higher to begin the day but quickly began to fall after the Centers for Disease Control and Prevention warned Americans that the "rapidly evolving and expanding" COVID-19 outbreak has now seen "community spread" in multiple countries.

The Dow fell 1,031 points Monday on concerns over the spread of the coronavirus and the index experienced its worst two-day drop in two years on Tuesday.

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The 10-year Treasury yield hit an all-time low of 1.32 percent Tuesday while the 30-year bond also fell to a record low.

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Bank of America stock fell 5 percent, JPMorgan Chase closed 4.5 percent lower, Citigroup slid 4.3 percent and Wells Fargo slid 2.7 percent.

Apple stock also fell 3.39 percent after the company said COVID-19 would cause it to fall short of previous profit forecasts for the current quarter.

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Japan's Nikkei 225 fell 781 points Tuesday and Australia's S&P/ASX 200 lost 111 points. South Korea's Kospi index, however, recorded a 25-point gain.

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