[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market plunged amid concerns over the spread of the novel coronavirus infection (COVID-19) and the resulting deterioration in global economic growth.
On the 24th (local time), the Dow Jones Industrial Average closed at 27,961.01, down 1,031.40 points (3.56%) from the end of last week. The S&P 500 index fell 111.85 points (3.35%) to 3,225.90, and the Nasdaq plunged 355.31 points (3.71%) to close at 9,221.28.
CNBC reported that the decline in the New York stock market on this day was the largest since February 2018. With the decline, the three major New York stock indices also turned negative in their annual gains.
The outbreak of COVID-19 spreading in Korea, Italy, and Iran sharply cooled investor sentiment. Investment bank Goldman Sachs lowered its forecast for U.S. economic growth in the first quarter from 1.4% to 1.2% due to the impact of COVID-19.
Larry Benenict, CEO of Opportunistic Trader, said, "China, the world's second-largest economy, has come to a halt," and predicted, "The U.S. stock market could undergo a correction of about 10 to 15% in the near future."
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