By Jesse Cohen
Investing.com - World stocks tumbled for the sixth straight day on Thursday, wiping out more than $3 trillion in value this week alone, as the rapid spread of the coronavirus outside of China raised fears of a global pandemic.
The number of new infections in China, the source of the outbreak, was overtaken for the first time by fresh cases elsewhere, most notably in South Korea, Italy and Iran.
Adding to the concerns, the U.S. Centers for Disease Control and Prevention confirmed an infection in California in a person who reportedly did not have relevant travel history or exposure to another known patient.
That brought the total number of cases in the United States to 15, according to the CDC.
The coronavirus has infected more than 80,000 people around the world and killed nearly 2,800, the majority in China. Much remains unknown about the disease, but it is clear the ramifications of the world's second-biggest economy in lockdown for a month or more are vast.
Wall Street’s major indices fell for a fifth straight session on Wednesday as investors worried over the impact of the crisis on the global economy and U.S. businesses.
Through Wednesday’s close, the Dow has lost more than 2,000 points this week. The 30-stock average is also on pace for its worst percentage-point weekly performance since 2008, down 7% over that time.
The Dow has also fallen more than 8% from its record high set earlier this month.
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-- Reuters contributed to this report