US stocks suffer sharp losses amid coronavirus fears

The major US stocks indices slumped at opening sessions on Monday, amid the escalating global fears over the coronavirus spread in China and other countries.

Italy and South Korea revealed tens of coronavirus infected cases, and the virus death toll also rose in both countries.

Several news agencies quoted sources that the White House will ask for emergency funding from the US Congress during this week due to the coronavirus impact.

The Federation of German Industries (BDI) also revealed that the coronavirus will sharply impact many sectors such as the auto and mining sectors.

While the World Health Organization warned that the coronavirus spread may get out of hand and turn into a global pandemic.

Consequently, Dow Jones lost 3.2% or 920 points to trade at 28,071 as of 14:35 GMT, Nasdaq dropped 3.7% or 350 points to 9,226, and S&P 500 dipped 1% or 35 points to 3,337.