US stocks deepen losses, Dow Jones drops 880 points

US stocks slumped on Tuesday, to extend the sharp losses for the second straight day, on mounting concerns about the coronavirus spread and its impact on the global economy.

The US administration has officially administration requested $2.5 billion in emergency funding from the US Congress to counter the coronavirus economic impact.

The virus casted a thick shadow on global markets, as infections increased in South Korea, Japan and Italy, with multiple confirmed deaths, alongside other countries such as Bahrain, Kuwait and more.

US data showed that the CB consumer confidence index rose in February, but still less than expected.

To the oil market, WTI crude lost 3% to close at $49.90 a barrel, after it hit a day high of $52.02 and a low of $50.1.

Brent shed 2.4% to $54.95 a barrel, with a high of $56.9 and a low of $55.1.

As for stocks, Dow Jones fell 3.1% or 879 points to settle at 27,081, and hit an intraday high 28,149 and a low 26,997.

Nasdaq fell 2.8% or 255 points to 8,965  points, with a high of 9,315 and a low of 8,940 points.

S&P 500 lost 3% or 97 points to close at 3,128 with a high of 3,246 and a low of 3,118.