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Dow drops 800 points, yields tumble as virus fears circle the world

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From Wall Street to Sydney, stocks are sinking Monday amid worries the pandemic is worsening in hotspots around the world.

The S&P 500 fell 1.9%, after setting a record high just a week ago. In another sign of worry, the yield on the 10-year Treasury dropped close to its lowest level in five months. It touched 1.21% as investors scrambled for safer places to put their money.

The Dow Jones Industrial Average was down 800 points, or 2.2%. The Nasdaq composite was 1.6% lower.

Airlines, hotels and stocks of other companies that would get hurt the most by potential COVID-19 restrictions were taking the heaviest losses, reminiscent of the early days of the pandemic in February and March 2020. Cruise operator Carnival fell 6.2%, and mall owner Simon Property Group lost 6.8%.


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