ASX plunges with ‘every single sector in the red’

The ASX has plunged more than 2.33 per cent after the US market dropped amid the global spread of the coronavirus. Markets feared the global economy would be smashed by the widening spread of the virus. CMC Markets Chief Strategist Michael McCarthy told Sky News “the selling is very heavy, right across the market” and “every single sector is in the red as we speak”. Technology and energy sectors were hit particularly hard with a 4.6 per cent and 2.9 per cent drop respectively. Mr McCarthy said “when we see this sort of damage to markets it usually continues for some time”. “Now that the impact of coronavirus is quite clearly likely to hit economies around the globe and particularly trade, as nations move to contain the virus and shut their borders, the reality is hitting home to share markets," he said.

from National | Daily Telegraph https://ift.tt/32ssE2O