Markets tumble as California declares coronavirus emergency

U.S. stock markets dropped more than 2% on Thursday as the swift spread of the coronavirus in the United States led California to declare an emergency, while airline stocks were hammered by crippled travel demand.

Down almost 12% last week – its worst since the 2008 financial crisis – the S&P 500 had recovered some poise as Joe Biden’s surge in the Democratic primaries distracted traders from the widening impact of the virus.

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