The Dow is on pace for its biggest 1-day drop in 3 years

Coronavirus fears have led to a stock plunge.

The Dow Jones Industrial Average traded 979 points, or 3.4 percent, lower at Monday's opening, putting it on pace for its biggest one-day point drop in three years, per CNBC. The record currently belongs to a 1,175-point decline in February 2018. At the moment, the drop is the third-highest in that timeframe, and the Dow has erased its gains for the year, per Bloomberg.

The other major indexes, the S&P 500 and the Nasdaq Composite, fell 3.2 percent and 4 percent, respectively, and several major industries, especially those that rely heavily on Chinese consumers, have also taken hits as a result of the virus' global spread, which now has countries like Italy, Iran, and South Korea undertaking significant measures to contain it.

More stories from theweek.com
Harvard scientist predicts coronavirus will infect up to 70 percent of humanity
Children seem remarkably resilient to coronavirus
The Trump administration is reportedly fighting over coronavirus spending