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Dow drops more than 1,000 as coronavirus outbreak threatens the economy

CASALPUSTERLENGO, ITALY - FEBRUARY 23: A man wearinig a respiratory mask and gloves is pictured on February 23, 2020 in Casalpusterlengo, south-west Milan, Italy. Casalpusterlengo is one of the ten small towns placed under lockdown earlier this morning as a second death from coronavirus sparked fears throughout the Lombardy region. (Photo by Emanuele Cremaschi/Getty Images)

NEW YORK — The Dow Jones Industrial Average sank more than 1,000 points as the spread of the new coronavirus threatened wider damage to the global economy.

The drop was the worst for the index in two years and wiped out its gains so far in 2020.

Nervous investors scrambled for safety, loading up on gold, U.S. government bonds and other safe-harbor assets.

The price of oil fell sharply on expectations that demand for energy would tumble.

The Dow lost 1,031 points, or 3.6%, to 27,960.

The S&P 500 fell 111, or 3.4%, to 3,225.

The Nasdaq fell 355, or 3.7%, to 9,221.

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