DAMIAN J. TROISE
AP Business Writer
NEW YORK (AP) — U.S. stocks tumbled following a sell-off in markets in Europe and Japan Monday after China announced a sharp rise in cases of a deadly new virus that threatens to crimp global economic growth.
The Dow Jones Industrial Average and S&P 500 each fell about 1.4%, giving up a significant portion of their gains for January. Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose as did bonds as investors headed for safer holdings. The yield on the 10-year Treasury fell to 1.61%, its lowest level since October.
Investors are in a "sell first, ask questions later situation," said Alec Young, managing director of global markets research at FTSE Russell.
Most markets in Asia were clo
