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MARKETS HIT
Yields on U.S. Treasuries plunged to historic lows on fears the outbreak will slam the global economy, and MSCI's gauge of stocks across the globe shed 3.10%. U.S. stocks fell but ended well above their session lows.
Airline and travel stocks have been among the worst affected as people cancelled non-essential travel. Norwegian Air Shuttle , the hardest-hit stock among European carriers, lost more than quarter of its market value on Friday and has fallen almost 70% since the start of February.
"If this really ramps up, we could see a lot more kitchen-sinking updates from the travel industry and airlines," said Chris Beauchamp, chief market analyst at IG.
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