``The Dow Jones Industrials shed 1,000 points on Monday and the S&P 500 was set for its worst day in two years as a surge in coronavirus cases outside China clouded global growth outlook. Several countries including Iran, Italy and South Korea reported a rise in virus cases over the weekend, fanning fears of a pandemic that prompted a rush to safe-haven assets such as gold and U.S. Treasuries... The blue-chip Dow has now erased its gains for the year, while the benchmark S&P 500 is about 5% below its all-time high hit last week. The Nasdaq is 6.5% off its record peak.''

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