Global Stock Markets Plunge After Surge In Reported Coronavirus Cases

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Global Stock Markets Plunge After Surge In Reported Coronavirus Cases
South Korea and Italy both saw spikes in reported coronavirus cases over the weekend.
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Stock markets around the world took a hit Monday after a spike in coronavirus cases in several countries.

The Dow Jones Industrial Average had its worst day in two years, closing down by more than 1,000 points, or just under 3.6%. The S&P 500 dropped by almost 3.4%, and the Nasdaq Composite dropped by 3.7%.

The drops come after South Korea and Italy experienced spikes in confirmed coronavirus cases over the weekend. And their stock indices took hits, too: South Korea's Kospi index closed down nearly 3.9%, its worst day since October 2018. Italy's main index fell 5.4%. 

Iran also saw a spike in confirmed cases. Iran's health ministry said at least 12 people have died from the disease.

The coronavirus has infected more than 79,000 people around the world and killed more than 2,600. Most of those deaths are from mainland China. Some fear the outbreak could lead to a pandemic. On Monday, the World Health Organization said it's too early to declare a pandemic, but that countries should be prepared. 

Contains footage from CNN