China reports 25 more virus deaths; stocks plummet
BEIJING — China on Tuesday reported 25 more deaths from a new viral disease, raising the total to at least 106, as the U.S. government prepared to fly Americans out of the city at the center of the outbreak.
Health authorities in Hubei province, where the coronavirus first was detected in December, reported 24 deaths, and those in Beijing reported the Chinese capital’s first fatality. No national toll was announced, but 81 other deaths had been reported through Monday.
China reported that another 1,771 cases of the new virus have been confirmed, bringing the total past 4,500.
The U.S. Consulate in Wuhan, where authorities cut off most access Jan. 22 in an effort to contain the disease, was preparing to fly its diplomats and some other Americans out of the city. Japan, France and Mongolia and other governments also were preparing evacuations.
China has extended the end of this week’s Lunar New Year holiday, the country’s busiest travel season, by three days to Sunday to keep the public at home and reduce the risk infection will spread.
As of Monday, there were five Americans diagnosed with the virus in Chicago, Washington state, Southern California and Arizona, all of whom had recently traveled to central China. U.S. health officials said they had no evidence the virus was spreading in the U.S. and they believe the risk to Americans remains low.
Stock markets were down sharply Monday. The Dow industrials fell 453 points. The sell-off gave the Dow its first five-day losing streak since early August and handed the S&P 500 its worst day since early October.
Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose as did bonds as traders sought refuge in safer holdings.
“Over the weekend you saw more cases,” said Quincy Krosby, chief market strategist at Prudential Financial. “That got investors and traders worried that this may be a longer event. The next question is, ‘What happens to global growth if this does continue and magnify?’”