(CNBC) -- The stock rout continued on Tuesday as diving bond yields raised more concern that the global economy is slowing significantly because of the spreading coronavirus. The 10-year Treasury yield hit a record low as the Dow Jones Industrial Average added to Monday’s 1,000-point drop.
Comments from health officials warning of a possible outbreak in the U.S. also spooked investors, causing a turnaround in stocks which had opened the day higher.
The Dow dropped 950 points, or 3.3% after being up more than 180 points at one point shortly after the open. The S&P 500 slid 3.2% while the Nasdaq Composite fell 2.8%. Monday’s session was the market’s worst in two years. The S&P 500 hasn’t had back-to-back declines of more than 3% since November 2008 during the financial crisis, according to Bespoke Investment Group. The Dow was on pace to notch its worst two-session stretch since February 2018.
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