Wall Street suffers sharp losses, Dow Jones plunges 1,031 points

US stocks slumped on Monday, as Wall Street suffered massive losses due to wide-scale fears over the coronavirus spread and its transformation into a global pandemic.

The World Health Organization urged countries and governments to take measures to contain the coronavirus spread before it gets out of hand and turn into a global pandemic.

China revealed today that coronavirus infected cases increased, and tens of infected cases and deaths occurred in Italy, France and South Korea, with more than 50 victims in Iran alone.

To the oil market, WTI crude lost 3.7% to close at $51.43 a barrel, after it hit a day high of $52.6 and a low of $50.4.

Brent shed 3.8% to $56.30 a barrel, with a high of $57.8 and a low of $55.1.

As for stocks, Dow Jones fell 3.6% or 1,031 points to settle at 27,961, and hit an intraday high 28,402 and a low 27,912.

Nasdaq fell 3.7% or 355 points to 9,221 points, with a high of 9,322 and a low of 9,166 points.

S&P 500 fell 3.3% or 112 points to close at 3,226 with a high of 3,260 and a low of 3,214.