NEW YORK (AP) — Stocks skidded on Wall Street and investors sought refuge in government bonds amid worries that a surge in virus infections around the world will threaten the economic recovery.
The S&P 500 lost 1.6% Monday and the Dow Jones Industrial Average gave up 725 points, or 2.1%.
Market watchers had been warning that stock valuations were getting stretched with indexes hitting record highs as recently as last week.
Treasury yields sank further as investors scrambled to move into assets seen as safer.
Airlines, hotels and other companies seen as most at threat from pandemic restrictions had some of the biggest losses.