(WBBM NEWSRADIO) -- Stocks closed sharply lower Monday as the number of coronavirus cases outside of China surged, sparking fears that the fast spreading virus could lead to an extended global economic slowdown.
The S&P 500 shed 111, the NASDAQ lost 355 and the Dow Jones industrial average closed down over 1000 points, settling to 27,960.
"Latest news on the coronavirus and today's action in the market reflects investors' growing concern that this is going to be more than a one-quarter event," says Susan Schmidt, Head of US Equities at Aviva Investors. "It is important to note how big of a piece of the global economy China is. ... locking down that population base really slowed that economy in China for at least this quarter.”
She adds that some of the stocks currently selling-off due to coronavirus fears could provide an opportunity for long-term investors.