Stocks open sharply lower on COVID-19 fears

Stocks are opening sharply lower on Wall Street, pushing the Dow Jones Industrial Average down more than 700 points, as virus cases spread beyond China, threatening to disrupt the global economy.

The early plunge in U.S. trading erased the Dow's gains for the year. Markets in Europe and Asia had even bigger losses as infections spread in Italy, Iran and South Korea.

Bond and gold prices surged as investors sought safety. The S&P 500 dropped 84 points, or 2.5%, to 3,251. The Dow fell 775 points, or 2.7%, to 28,212. The Nasdaq lost 298 points, or 3.1%, to 9,282